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Outsourcing by Financial Services Companies: Impact of the OCC and FRB Guidelines

Outsourcing by Financial Services Companies: Impact of the OCC and FRB Guidelines

Outsourcing has become a critical component of management of financial institution operations. Consequently, the Office of the Controller of the Currency (OCC) and the Federal Reserve Board (FRB) recently issued guidance on how financial institutions should manage third-party risks. • Institutions are outsourcing increasingly complex and sensitive banking and financial operations to third parties • The guidance issued by each agency has particular relevance to outsourcing transactions and provides companies with a roadmap of the key areas of concern to regulators • Many of the suggestions in the OCC and FRB guidance concern provisions of outsourcing agreements where vendors often push back

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