Â鶹´«Ã½

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
≔ Menu
Â鶹´«Ã½
Leading the Way

Global Â鶹´«Ã½ Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. HomeRegulation news
  2. FSB publishes toolkit to enhance third-party risk management and oversight
Regulation news

FSB publishes toolkit to enhance third-party risk management and oversight


04 December 2023 Switzerland
Reporter: Klea Neza

Generic business image for news article
Image: boule1301
The Financial Stability Board (FSB) has published a toolkit allowing financial authorities and institutions to enhance third-party risk management and oversight.

The toolkit has been developed by the FSB’s Standing Committee on Supervisory and Regulatory Cooperation on the basis of feedback to the ‘Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships’ discussion paper, published in November 2020, and a public consultation held over the summer.

Designed for financial authorities, the toolkit focuses on the oversight of financial institutions’ reliance on critical service providers.

With the goal of reducing fragmentation in regulatory and supervisory approaches to third-party risk management across jurisdictions and different areas of the financial services sector, it also includes common terms and definitions on third-party risk management.

The toolkit focuses on financial institutions’ third-party risk management in light of changing industry practices and recent regulatory and supervisory approaches to operational resilience, and facilitates coordination among relevant stakeholders.

Financial institutions’ ability to manage third-party risks and financial authorities’ ability to monitor will be strengthened thanks to the toolkit, FSB says, as will the resilience of the financial system as a whole.and strengthen the resilience of the financial system.
← Previous regulation article

Joint associations publish MRRA update
Next regulation article →

ECMS postponed until November 2024
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Â鶹´«Ã½ Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →