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Third-Party Relationships: Risk Management Principles

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Citation Edit

Office of the Comptroller of the Currency, Third-Party Relationships: Risk Management Principles (OCC Bulletin 2001–47) (Nov. 2001) (full-text).

Overview Edit

This bulletin provides guidance to national banks and federal savings associations (collectively, banks) for assessing and managing risks associated with third-party relationships. A third-party relationship is any business arrangement between a bank and another entity, by contract or otherwise.

The Office of the Comptroller of the Currency (OCC) expects a bank to practice effective risk management regardless of whether the bank performs the activity internally or through a third party. A bank's use of third parties does not diminish the responsibility of its board of directors and senior management to ensure that the activity is performed in a safe and sound manner and in compliance with applicable laws.

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