From: The Wall Street Journal | Risk & Compliance Journal/The Morning Risk Report
By Gregory J. Millman
U.S. Treasury officials are talking about the need to “bolster fortifications around a critical area of cybersecurity,” even as New York State’s top financial regulator, Benjamin M. Lawsky, asks banks for the lowdown on how they manage third-part risk, the NY Times reported this week. Banks should have the answers to Mr. Lawsky’s questions readily at hand. They have spent much of the past year reconciling divergent regulatory prescriptions for such risk from the Federal Reserve and the Office of the Comptroller of the Currency, Edward DeMarco, general counsel of the Risk Management Association, a trade group of risk managers, told Risk & Compliance Journal in an interview.
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