OCC will not offer further guidance on ‘fourth-party’ risk

Onus on banks to vet subcontractors during contract negotiations, regulator says

Beth Dugan OCC
Beth Dugan, deputy comptroller for operational risk at the OCC

The US Office of the Comptroller of the Currency (OCC) does not plan to offer further guidance on the way firms manage the risk posed by their vendors’ vendors, despite concerns around so-called fourth-party risk.

Beth Dugan, deputy comptroller for operational risk at the OCC, says a firm’s protection from its supplier’s subcontractors boils down to the contract it has with the vendor – a task best left to the bank itself, not regulators.

“These are contractual relationships that the OCC doesn

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: