Basel Committee publishes principles for the sound management of third-party risk

[vc_row][vc_column][vc_column_text]The Basel Committee has published new principles to help banks better manage risks linked to third-party service providers. As financial services become increasingly digital, banks are relying more on external providers for activities they used to handle internally.

What’s new?

The principles offer a common baseline for banks and supervisors on how to manage third-party risk.
They are designed to be flexible, so they can adapt to different national rules and industry developments.
They replace the previous outsourcing guidance from 2005 (for the banking sector).

Why this matters

As digitalisation accelerates, banks’ dependencies on external technology and service providers continue to grow. The new principles ensure banks remain resilient and well-governed in this evolving environment.

What’s next?

The Basel Committee will keep monitoring trends in digital finance and fintech to assess potential risks and decide if further guidance is needed.

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Principles for the sound management of third-party risk

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https://www.bis.org/bcbs/publ/d605.htm

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