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In addition, a bank should perform the following the life cycle of the relationship as part of its risk management process: Oversight and accountability: Assigning clear roles and responsibilities for managing third-party relationships and integrating the bank’s third-party risk management process with its enterprise risk management framework enables continuous oversight and accountability.Documentation and reporting: Proper documentation and reporting facilitates oversight, accountability, monitoring, and risk management associated with third-party relationships.This guidance applies to all banks with third-party relationships.A community bank should adopt risk management practices commensurate with the level of risk and complexity of its third-party relationships.The degree of due diligence should be commensurate with the level of risk and complexity of the third-party relationship.More extensive due diligence is necessary when a third-party relationship involves critical activities.A community bank’s board and management should identify those third-party relationships that involve critical activities and ensure the bank has risk management practices in place to assess, monitor, and manage the risks.

Contract negotiation: Developing a contract that clearly defines expectations and responsibilities of the third party helps to ensure the contract’s enforceability, limit the bank’s liability, and mitigate disputes about performance.On-site visits may be useful to understand fully the third party’s operations and capacity.If the bank uncovers information that warrants additional scrutiny, it should broaden the scope or assessment methods of the due diligence as needed.The management plan should be commensurate with the level of risk and complexity of the third-party relationship and should A bank should conduct due diligence on all potential third parties before selecting and entering into contracts or relationships.A bank should not rely solely on experience with or prior knowledge of the third party as a proxy for an objective, in-depth assessment of the third party’s ability to perform the activity in compliance with all applicable laws and regulations and in a safe and sound manner.

Contract negotiation: Developing a contract that clearly defines expectations and responsibilities of the third party helps to ensure the contract’s enforceability, limit the bank’s liability, and mitigate disputes about performance.

On-site visits may be useful to understand fully the third party’s operations and capacity.

If the bank uncovers information that warrants additional scrutiny, it should broaden the scope or assessment methods of the due diligence as needed.

The management plan should be commensurate with the level of risk and complexity of the third-party relationship and should A bank should conduct due diligence on all potential third parties before selecting and entering into contracts or relationships.

A bank should not rely solely on experience with or prior knowledge of the third party as a proxy for an objective, in-depth assessment of the third party’s ability to perform the activity in compliance with all applicable laws and regulations and in a safe and sound manner.

The bank should consider the following during due diligence: Strategies and Goals Review the third party’s overall business strategy and goals to ensure they do not conflict with those of the bank.