OCC to Focus on Ongoing Monitoring of Third-Parties; Contract Fulfillment Important

“Regulatory staff from the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency shared their observations and previewed forthcoming regulatory updates on third-party risk management during a meeting with American Bankers Association member bankers in Washington, D.C., this week,” according to the ABA Banking Journal. “The OCC said that its examiners will be looking more closely at the ongoing monitoring of third-party relationships beyond the due diligence phase and emphasized that banks should have processes in place for ensuring that service providers are delivering on promises outlined in their contracts.”

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