Guidance published on managing risk related to third-party arrangementsThe FDIC published guidance describing management principles for dealing with potential risk associated with third-party relationships. The FDIC said bank management should apply the guidance to each of the bank’s significant third-party arrangements. The guidance addresses four elements of an effective third-party risk management program: risk assessment; due diligence in selecting a third party; contract structuring and review; and oversight. The guidance supplements the principles contained in policy guidance that has previously addressed third-party risk in the context of specific functions . . .
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