Third Party Risk Management in an Increasingly Digital Banking Environment

摘要

Increased use of third-party service providers is inevitable in the future of financial services. However, to appropriately engage with third parties and appropriately monitor such relationships, financial institutions must adhere to the risk management pronouncements issued by the Agencies. The increased use of technology and focus on digital banking in the future has focused the supervisory and enforcement efforts of the Agencies on such issues with third-party service providers, and financial institutions should expect that focus to continue.