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Gatekeeper Contract and Vendor Management Glossary

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Glossary > O

OCC Bulletins

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that regulates and supervises all national banks and federal savings associations.

The OCC has several important regulations related to third-party risk management. Some of these include:

  1. OCC Bulletin 2013-29: This bulletin provides guidance to banks on managing risks associated with third-party relationships, and emphasises the importance of effective risk management practices throughout the life cycle of these relationships.

  2. OCC Bulletin 2017-21: This bulletin provides updated guidance on third-party relationships and expands on the OCC's expectations for managing these relationships. The guidance emphasises the importance of due diligence, contract negotiation, ongoing monitoring, and termination of third-party relationships.

  3. OCC Bulletin 2021-17: This bulletin provides guidance on third-party relationships with fintech companies. The guidance emphasises the importance of strong risk management practices when working with fintech companies, and provides recommendations for due diligence, contract negotiation, and ongoing monitoring.

Overall, the OCC's regulations related to third-party risk management are important for banks and other financial institutions because they help to ensure that these institutions are effectively managing the risks associated with their third-party relationships.

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