Final Report on Enhancing Third-party Risk Management and Oversight – A Toolkit for Financial Institutions and Financial Authorities

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The FSB has developed a toolkit for financial authorities and financial institutions for enhancing their third-party risk management and oversight. The toolkit comprises:

• a list of common terms and definitions to improve clarity and consistency regarding third-party risk management across financial institutions, enhancing communication among relevant stakeholders.
• tools to help financial institutions identify critical third-party services and manage potential risks throughout the lifecycle of a third-party service relationship.
• tools for supervising how financial institutions manage third-party risks, and for identifying, monitoring and managing systemic third-party dependencies and potential systemic risks.

The toolkit is designed to complement and build on relevant existing standards and guidance by international standard-setting bodies and financial authorities, but not replace them.