The FFIEC recently expanded its guidance by adding an amendment to its Business Continuity Planning handbook. Introducing the concept of “Business Resiliency,” there are a number of NEW testing and vendor review requirements that pertain to third parties and outsourced technology service providers that must be included in vendor management programs, risk assessments and vendor profiles.
We anticipated this with the integration of our BCP system to VendorInsight® in January of this year and have already updated VendorInsight® to comply and meet 100% of this new guidance. Many of our customers are using the integrated features of our BCP-Insight™ system and reaping the benefits of this integration.
We expect more updated guidance and prescribed compliance from The Federal Reserve, OCC, FDIC and CFPB later this year and will keep you updated. Stay tuned here.