'No plans' for further guidance on third-party risk – OCC

Banks will have to figure out what constitutes ‘critical activities’ for themselves

oprisk15-0420
John Eckert, OCC, at OpRisk North America 2015

Calls for regulators to provide further guidance on third-party risk management appear to have fallen on deaf ears, with a senior regulator insisting the responsibility for developing an effective and efficient monitoring process for vendors performing critical functions rests with senior managers at financial firms.

"There is some discussion the OCC is coming out with additional guidance or a bulletin addendum on third-party risk management. I've also received enquiries about the development or

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