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

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