Third Party Risk Management and Compliance Requirements for Financial Services Companies Financial institutions are expected to comply with a broad range of regulations covering everything from fraud detection to protecting customer records. Institutions are expected to enforce rigorous data security and data privacy controls, protect their brands and reputations, and operate fairly in whatever markets they enter. Accurate reporting and well documented business processes are essential. In the United States, The Office of the Comptroller of the Currency and the Federal Reserve Board, issued guidance in late 2013 on the risk management of third parties. This guidance holds boards of directors, senior management and relationship managers accountable for managing third parties. The FRB expects institutions to treat third party risk management as a formal, enterprise-wide risk discipline, and to follow a process that is commensurate with the level of risk and complexity of the given activity. In the UK, the Financial Conduct Authority (FCA) has a growing list of enforcements against institutions related to third party issues, and the Prudential Regulation Authority (PRA) has made it clear that a firm cannot contract out its regulatory obligations. Award-winning Third Party Risk Management Software for Financial Services Intitutions to Manage Supplier, Vendor & Contractor Compliance & Performance