The Interagency Guidance on Third-Party Relationships: Risk Management, finalized in June 2023, is a unified supervisory framework issued by the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC). It replaces prior agency-specific guidance and outlines risk management expectations for financial institutions when working with third parties.
The guidance establishes a lifecycle approach covering planning, due diligence, contract negotiation, ongoing monitoring, and termination. It applies to
national banks, federally insured state banks, U.S. bank holding companies, savings associations, and
their third-party service providers, including
fintechs, cloud providers, and
core banking vendors.
