Third-Party Risk Management Customer demand for innovative and personalized products and services has increased community banks' reliance on third-party relationships to enable them to provide new  2/6  BIS - Central bankers' speeches  technologies. These relationships position small banks to remain competitive and demonstrate their commitment to serving the needs of their customers and communities.
At the same time, greater reliance on third parties could create additional opportunity for cyber criminals. The federal banking agencies recognize the increasing role third parties play in providing banks with a multitude of services including access to new technologies, human capital, delivery channels, products, services, and markets.