FDIC Chairman Sheila C. Bair touched on emerging guidance regarding third-party service providers in her report to the U.S. Senate last week. FDIC issued the referenced guidance the next day. This follows on the heels of the OCC Bulletin (2008-16) which targets application security. Financial institutions will need to actively monitor the key components of their agreements with vendors going forward, financial institutions will know when goals are met, when they aren’t, when key indicators governing the relationship change (e.g. if a vendor files for bankruptcy)”]
Source: https://www.bankinfosecurity.com/blogs/outing-shortcomings-in-outsourcing-p-37