Mastering Compliance: Making Sense of Interagency Guidance for Third Party Risk Management

In an era where banking organizations face increasing regulatory scrutiny, mastering compliance with third party risk management (TPRM) guidelines is crucial. Our whitepaper, “Mastering Compliance: Making Sense of Interagency Guidance for Third Party Risk Management,” provides an in-depth look at the updated interagency guidance on third party risk management issued by the Federal Reserve, FDIC, and OCC.

Navigating the interagency guidance on third party risk management

The whitepaper offers a comprehensive overview of the key principles of the “Interagency Guidance on Third Party Relationships: Risk Management.” It explains how these principles help institutions operate safely and soundly despite the complexities introduced by third party relationships.

The practical implications of this updated guidance for TPRM programs is significant. Enhancing oversight and accountability with robust governance frameworks ensures comprehensive risk management from planning to termination.

The whitepaper emphasizes the importance of meticulous documentation at each stage and staying adaptable to technological and operational changes affecting third party risk profiles.

Key insights in the whitepaper about the updated interagency guidance

• Enhanced Oversight and Accountability:
  • Active involvement of the board of directors and senior management.
  • Establishing a robust governance framework with clear policies and procedures.
• Comprehensive Risk Management Lifecycle:
  • Managing risks from the initial planning phase through termination.
  • Conducting thorough due diligence and negotiating clear contract terms.
  • Ongoing monitoring to manage and mitigate risks effectively.
• Detailed Documentation and Regular Reporting:
  • Ensuring transparency and regulatory compliance.
  • Maintaining a complete inventory of all third-party relationships.
  • Regular updates to risk management practices.
• Staying Informed and Adaptable:
  • Keeping up with changes in third-party businesses, such as technological upgrades and operational changes.
  • Ensuring risk management strategies are adaptable and responsive.

How VISO TRUST helps you comply

VISO TRUST is designed to help banking organizations align with the updated guidance and ensure robust third party risk management. Key features if ours include:

• • • Customizable Risk Analysis and Inventory Management: Analyze the inherent risk of each third party relationship and maintain a comprehensive inventory.
    • Automated Lifecycle Management: Automate periodic risk assessments and ongoing monitoring to ensure continuous compliance.
    • Critical Activity Tagging and Risk Calculation: Identify and manage critical activities with instant risk calculations and detailed oversight.

VISO TRUST supports all key areas, including information security, operational resilience, and incident management—ensuring comprehensive risk management. It helps ensure compliance with security and privacy regulations, including GLBA, FFIEC, and interagency guidance.

Download the paper today

Don’t miss out on this essential resource to enhance third-party risk management practices and ensure compliance with the latest regulatory guidelines. Download the whitepaper and take the first step towards mastering compliance in third-party risk management with this new guidance.

Download the Whitepaper