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ARTICLE · 16 APRIL 2019

FDIC Reports On Risks For Financial Institutions Contracting With Technology Service Providers

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The FDIC reported on the risks for financial institutions that contract with technology service providers.

United StatesFinance and Banking
Vivian Maese
Vivian Maese
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The FDIC reported on the risks for financial institutions that contract with technology service providers.

Financial institution boards of directors and senior management are responsible for overseeing risks with respect to relationships with technology service providers. The FDIC highlighted that recent examinations found that certain contracts with technology service providers lacked adequate detail relating to the contract parties' "rights and responsibilities" for "business continuity and incident response." The FDIC stated that financial institutions "remain responsible for assessing those risks and implementing appropriate mitigating controls."

Commentary / Vivian Maese

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