Fed Issues Guidance on Managing Outsourcing Risk (Dec. 9, 2013)
The Federal Reserve has issued guidance on managing outsourcing risk to assist financial institutions with understanding and managing the risks associated with outsourcing bank activity to a service provider.
The guidance, issued late last week, includes a framework and processes to manage potential risks and it outlines supervisory expectations for FI boards of directors and senior management in managing risks associated with service providers, among other direction.
Questions regarding the guidance should be addressed to:
- Division of Banking Supervision and Regulation: Adrienne Haden, Assistant Director, Operations and Information Technology Policy, at (202) 452-2058; or Neha Contractor, Supervisory Financial Analyst, Operations and Information Technology Policy, at (202) 973-7399.
- Division of Consumer and Community Affairs: Phyllis L. Harwell, Assistant Director, Consumer Compliance, at (202) 452-3658.
- Or, via the Fed’s Website: http://www.federalreserve.gov/apps/contactus/feedback.aspx