GFMA submitted response to the Basel Committee on Banking Supervision’s (“BCBS”) consultation regarding “Principles for the Sound Management of Third-Party Risk.”
GFMA welcomes the BCBS’s continued focus on designing and improving the risk management framework applying to interactions with third parties and supports the BCBS’s technology-agnostic approach to the principles proposed in the consultation. GFMA emphasizes that a risk-based approach is foundational to the strength and dynamic nature of third-party risk management (“TPMR”) frameworks as markets develop and looks forward to ongoing collaboration as the BCBS along with the Financial Stability Board (“FSB”) and the International Organization of Securities Commissions (“IOSCO”) continue evaluate the role of third parties and necessary governance structures.
– 9 October 2024 –
