Although each of these federal banking agencies had already published separate third-party risk management guidance, the intent of the additional proposed guidance is to create consistency across the regulatory agencies and to consider whether further risks should be considered, given the evolving nature of the industry.5 The banking agencies are currently in the process of considering the comments received on that proposal.
Today I will argue that three themes will matter: ensuring price stability as the different shocks play out; lifting constraints on growth in the areas where they have emerged; and safeguarding a resilient financial sector which can support the transitions we will face.