Original Source: Insights by Baker Tilly

The Office of the Comptroller of the Currency (OCC) released guidance in October 2013 [http://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html] to national banks and federal savings associations on how to assess and manage risks of third parties. Concerns over how effectively banks are managing risks of their outsourced providers have increased along with their use. This increased use has consisted of both greater numbers of service organizations employed by banks and increased complexity in the services they provide. This, coupled with the fact that service organizations may also be domiciled in foreign countries, has raised concerns within the OCC and the banks themselves.

Categories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management