Is your Due Diligence program meeting the OCC Compliance Guidelines?
Conducting an OCC compliance risk assessment represents a critical step your financial institution must take to protect your reputation and bottom line. What should your OCC risk management process look like?
Is your due diligence program meeting OCC Compliance Guidelines? OCC standards mean that organizations can be held accountable for the actions of third parties operating on their behalf. Some of the regulations include:
- Conducting appropriate due diligence of vendors
- Implementing internal policies and procedures for control and oversight of third-party relationships
- Instituting contracts that detail compliance expectations
- Addressing compliance issues proactively
- Having plans for risk management and disaster recovery in place
These requirements go beyond financial institutions and also apply to debt collectors, non-bank consumer credit services, auto dealerships, and many others. If OCC Guidelines apply to your organization, than conducting an OCC compliance risk assessment is a critical first step to ensure compliance and protect your bottom line.
Download our Guide to OCC Requirements to learn the importance of third-party risk management, the penalties organizations face for non-compliance, and how you can adopt a risk-based due-diligence process that can help uncover compliance risks and potential threats more efficiently.
