US regulator advises on outsourcing risks

NEWS

WASHINGTON -- Bank directors and senior management are responsible for understanding the special risks associated with a US bank’s outsourcing relationship with foreign-based service providers, the US Office of the Comptroller of the Currency (OCC) said in May.

Senior officials must ensure effective risk management practices are in place, the bank regulator said in guidance it gave to national banks using foreign-based third-party service providers. A first step is a risk assessment and due

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