What does the new interagency guidance mean for TPRM programs?

In June 2023, the primary federal banking regulators responsible for overseeing third-party risk management (TPRM) programs in the banking industry issued new guidance, “Interagency Guidance on Third-Party Relationships: Risk Management.” The new guidance replaces existing TPRM guidance from all three agencies: the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the Board of Governors of the Federal Reserve System.