The day-to-day functions of a financial institution would be impossible without the ability to outsource. Recently, existing guidance applicable to each specific regulatory agency — the Federal Reserves, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency — was replaced with a single rule, the Interagency Guidance on Third-Party Relationships: Risk Management. The interagency guidance aligns the regulatory requirements and risk management expectations of third-party relationships among the federal banking agencies. Financial institutions routinely rely on thirdparty relationships for their day-to-day functions and existence. In today’s ever-growing world One Rule for All Interagency Guidance for the Risk Management of Third Party Relationships Julia A. Gutierrez Director of Education, Compliance Alliance 13 Nebraska Banker
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