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ABA: The American Bankers Association
Industry News

New Supplementary TPRM Guide from Regulators Aims to Vendor Management Guidance Easier to Understand

By Rafael DeLeon
The release of the Interagency Guidance on Third-Party Relationships: Risk Management in June 2023 has left some community banks grappling with implementation challenges. Recognizing this, regulatory agencies published "Third-Party Risk Management: A Guide for Community Banks" in May, to help these institutions develop and implement effective third-party risk management practices.

The 24-page booklet, while not introducing new regulations, serves as a translator of sorts. It breaks down the dense June 2023 guidance into digestible chunks, offering community bankers (and even fintech companies and third-party vendors) a roadmap through the intricate landscape of vendor risk management with sample questions they should be asking.

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