US Financial Regulators Move to Simplify Banks’ Third-Party Risk Rules
JH Kim
Summary
- US financial regulators are simplifying rules related to banks’ third-party risk management.
- Authorities are pursuing a plan to streamline and clarify risk management procedures applied when banks work with outside companies such as fintech firms.
- The move could make partnerships and technology adoption easier between banks and outside companies, including fintech firms.
Forecast Trend Report by Period
US financial regulators are moving to simplify rules on banks’ third-party risk management to encourage greater collaboration with outside vendors.
Cointelegraph reported on September 11 that authorities are pursuing a plan to make third-party risk procedures simpler and clearer when banks work with external companies such as fintech firms.
The measure is aimed at reducing the compliance procedures and oversight burden banks face when they use outside service providers.
The change could make partnerships and technology adoption easier between banks and external companies, including fintech firms.
JH Kim
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