GUIDANCE FOR MANAGING THIRD-PARTY RISK …

GUIDANCE FOR MANAGING THIRD-PARTY RISK Introduction An institution s board of directors and senior management are ultimately responsible for MANAGING activities conducted through THIRD-PARTY relationships, and identifying and controlling the risks arising from such relationships, to the same extent as if the activity were handled within the institution. This GUIDANCE includes a description of potential risks arising from THIRD-PARTY relationships, and provides information on identifying and MANAGING risks associated with financial institutions business relationships with third This GUIDANCE applies to any of an institution s THIRD-PARTY arrangements, and is intended to be used as a resource for implementing a THIRD-PARTY risk management program. This GUIDANCE provides a general framework that boards of directors and senior management may use to provide appropriate oversight and risk management of significant THIRD-PARTY relationships.

third party is a bank or a nonbank, affiliated or not affiliated, regulated or nonregulated, or domestic or foreign. The FDIC recognizes that the use of third parties can assist management in attaining strategic objectives by increasing revenues or …

Loading..

Tags:

  Guidance, Risks, Party, Third, Managing, Nonbank, Guidance for managing third party risk

Information

Related search queries