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FFIEC Updates IT Exam Handbook

Posted on 11/1/2012

The Federal Financial Institutions Examination Council yesterday issued a revised "Supervision of Technology Service Providers" booklet, which is part of the FFIEC's information technology examination handbook.

The booklet reviews the regulators' authority to supervise third-party service providers, details their risk-based supervisory program and includes the uniform rating system that the agencies use to assess banks and their TSPs.

The booklet also stresses that a financial institution's board of directors and management has the ultimate responsibility for ensuring outsourced activities are conducted in a safe and sound manner and in compliance with applicable laws and regulations.

The federal banking regulators also issued related new examiner guidelines on the supervision of TSPs. The guidelines describe the process that the agencies follow to implement the interagency programs and include the reporting templates that examiners use throughout the supervisory cycle.

To view the guidelines visit: http://ithandbook.ffiec.gov/media/153533/10-10-12_-_administrative_guidelines_sup_of_tsps.pdf

To download the FFIEC booklet visit: http://ithandbook.ffiec.gov/it-booklets/supervision-of-technology-service-providers-%28tsp%29.aspx





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