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ABA: The American Bankers Association
Industry Insight

Navigating Business Continuity Red Flags: A Guide for Banks

  • Brought to you by Ncontracts
  • Published January 23, 2025

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Third-party vendors play a crucial role in the banking industry as financial institutions and technology evolve to meet consumers' ever-changing needs. However, without a shared commitment to business continuity, vendor relationships can falter, potentially impacting operations, compliance, and customer trust.

In 2023, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve introduced updated vendor management requirements, emphasizing the critical nature of robust vendor risk management practices.

To sustain compliant and effective vendor relationships, banks should proactively identify potential red flags and address them early, mitigating risks before they escalate into larger challenges.

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