The previous instruction from the OCC surrounding the regulation of risk assessment and management of third-party relationships, OCC Bulletin 2001-47, has been replaced by a new protocol, OCC Bulletin 2013-29. OCC Bulletin 2013-29 outlines a guide for banks and federal savings associations (FSA) around the management of third-party suppliers who handle critical activities for their organization.
OCC Bulletin 2013-29 includes key steps to reduce supplier risk including selection of third-parties, contract negotiations, monitoring, reporting and even termination. By not adhering to these guidelines, banks could face financial penalties, legal battles, and damage to their reputation.
Source One is a consulting firm that specializes in Supplier Relationship Management (SRM). Our team can help you implement an OCC 2013-29 Compliant SRM program Contact us.
OCC 2013-29 was put in place to help reduce supplier risk and improve the supply chain visibility for banks and financial institutions. But gaining visibility into the supply chain is difficult without the proper controls, processes, technology and people.
Source One, an OCC 2013-29 consulting firm, helps banks and financial institutions implement Supply Chain Relationship Management and Supply Chain Visibility programs.