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Community Resources >> Whitepapers >> Managing the Third-Party Lifecycle: Tips for Implementing the OCC Guidance

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Managing the Third-Party Lifecycle: Tips for Implementing the OCC Guidance

Read this whitepaper to gain insight into addressing the five phases of the third-party lifecycle outlined by the OCC and the technology necessary to help address the challenges, including:

  • Establishing a third-party risk management approach that aligns with the level of risk
  • Performing adequate due diligence and ongoing monitoring
  • Manage the entire third-party relationship

Whitepaper Synopsis:

Third-Party Risk Management is a continuous process throughout the life of the relationship. The OCC defines the five major phases in the third-party life-cycle in their updated guidance, as: Planning, Due Diligence and Third Party Selection, Contract Negotiation, Ongoing Monitoring, and finally, Termination. An effective third-party risk management program will successfully address each phase and have a system in place to facilitate and automate the process. Establishing a well-defined process, with the right tools and focus, are important components to addressing third-party risk. For banks to cost-effectively address these increasing risks, the use of a Governance, Risk, and Compliance (GRC) system is often the most practical approach.

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