Third-party risk management
Risk management - risk identification - risk mitigation.
The mitigation of risk associated with third-party relationships.
"Financial institutions have long relied on outsourcing and other third-party service relationships. However, in recent years, the extent and nature of financial institutions’ interactions with a broad and diverse ecosystem of third-party service providers have evolved and increased. These developments have brought both benefits and the introduction of different types of risks to financial institutions. If they are not appropriately managed, these relationships could lead to risks to financial stability."
Enhancing Third-Party Risk Management and Oversight: A toolkit for financial institutions and financial authorities, Financial Stability Board, December 2023
See also
- Financial authority
- Financial institution
- Financial Stability Board (FSB)
- Outsourcing
- Risk
- Risk management
- Risk mitigation
- Service provider
- Third party
- Third-party risk
- Third-party service provider
- Third-party service relationship
