• Service: Advisory, Risk Consulting, Financial Risk Management
  • Industry: Banking & Capital Markets
  • Date: 11/21/2013

Regulatory Practice Letter #13-19 

The Office of the Comptroller of the Currency (OCC) released Bulletin 2013-29 on October 30, 2013, to provide updated guidance to national banks and Federal savings associations (collectively, Banks) on effective risk management of third-party relationships.
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The OCC states that it is concerned “the quality of risk management over third-party relationships may not be keeping pace with the level of risk and complexity of these relationships” adding that “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.”


OCC Bulletin 2013-29 is applicable to all Banks with third-party relationships, defined as “any business arrangement between a bank and another entity, by contract or otherwise.”