Reduce liability for losses on commercial accounts by adhering to four requirements.
Agencies Issue New Guidelines for Supervision of Technology Service Providers and Outsourcing Technology Services
Nov 7 - The Federal Financial Institutions Examination Council has issued the revised Information Technology Examination Booklet on the Supervision of Technology Service Providers and the updated IT Examination Booklet on Outsourcing Technology Services. The Board of Governors of the Federal Reserve System, the FDIC and the Office of the Comptroller of the Currency have issued new Administrative Guidelines—Implementation of Interagency Programs for the Supervision of Technology Service Providers.
- The FFIEC has issued a revised Information Technology Examination Booklet on the Supervision of Technology Service Providers, which addresses the supervision of third-party servicers that enter into contracts with regulated financial institutions and outlines the FFIEC's risk-based supervisory program related to the oversight of TSPs.
- The revised TSP Booklet replaces the March 2003 edition and rescinds Supervisory Policy 1, "Interagency EDP Examination, Scheduling and Distribution Policy," September 1991 (Revised) and Supervisory Policy 11, "Enhanced Supervision Program for Multidistrict Data Processing Servicers," January 1995.
- The Agencies have issued new Administrative Guidelines—Implementation of Interagency Programs for the Supervision of Technology Service Providers, which explain how the Agencies implement TSP supervisory programs. The Guidelines include examiner reporting templates.
- The FFIEC has also updated the Outsourcing Technology Services Booklet, which details engagement criteria and examination procedures a financial institution should use when outsourcing the security management function to third parties (Managed Security Service Providers).
Click here for the FFIEC guidelines.