FDIC Oversight of Large Third Parties Needs Clearer Goals, OIG Says

FDIC oversight of large third parties needs clearer goals, OIG says

While the FDIC has “taken steps to establish goals and metrics” in its oversight of large third-parties, they were not “measurable or directly linked to program success factors.”

FDIC needs to improve oversight of third parties: Watchdog

An Office of Inspector General review and report says the agency's existing program for overseeing banks' technology providers lacks clear goals and metrics. It recommends the adoption of a new risk-ranking methodology by 2026.