The Federal Financial Institutions Examination Council (FFIEC), an interagency body of leading financial regulators, including the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, recently issued updated guidance to financial institutions on recommended best practices for information system authentication and access management controls. Titled Authentication and Access to Financial Institution Services and Systems (available here), it replaces previous FFIEC guidance, Authentication in an Internet Banking Environment (2005) and Supplement to Authentication in an Internet […]

The Federal Reserve Board, FDIC and OCC extended the comment period for proposed risk management guidance concerning third-party relationships of banking organizations from September 17, 2021, to October 18, 2021.

As previously covered, the proposed guidance would provide banking organizations with a suggested framework for the development of third-party relationship risk management practices, and identify applicable principles for each stage in the life cycle of a third-party relationship.

The proposal is intended to promote consistency across the banking agencies, as it […]