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US Office of the Comptroller of the Currency: OCC holds executives accountable for third-party risk management

( October 30, 2013, 14:00 GMT | Official Statement) -- MLex Summary: A bank's senior management and board of directors are responsible for ensuring all activities are performed safely and in compliance with applicable laws, even if a bank relies on a third party for risk management, the US Office of the Comptroller of the Currency said in a Wednesday statement. Banks should ensure risk management and oversight of third party relationships, which include the use of independent consultants, networking arrangements, joint ventures and other outsourced products and services, the OCC said.See document below....

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