Responding to Expended Interagency Guidance for Third-Party Relationships

Explore how third-party risk professionals are responding to the expanded Interagency Guidance for vendor relationship management.

What you will learn:

• The final interagency guidelines increase regulatory oversight of an expanded set of third-parties, including ventures, fintech relationships, and business partnerships. This will significantly impact the financial services industry, which is facing increased digital supply chain attacks.
• Impacts may be most significant for institutions with less mature TPRM programs. These impacts stem from the need to scale their TPRM programs quickly to monitor and report on this extended definition of third-parties. More mature institutions will also need to bring these parties under formal TPRM management to ensure compliance with evolving regulatory expectations for third-party monitoring.
• While most survey respondents express confidence their existing TPRM programs will satisfy new guidelines, they also acknowledge regulators’ heightened sense of seriousness in holding institutions accountable for third-party risk across the FSI value chain. Eighty-six percent of institutions expect to face significant consequences for non-compliance, with 54% citing brand and reputational damage as also likely consequences.

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