The financial sector’s interconnectedness to and reliance on critical third parties continue to create significant dependencies as risks evolve. As part of their risk mitigation efforts, financial institutions will need third parties to demonstrate advanced resiliency capabilities. The standards identified in this paper represent what these firms should consider meeting to serve financial institutions effectively.

By increasing transparency, the broader financial services ecosystem can decrease the resiliency knowledge gaps between key partners. These efforts will not only enhance the resilience of the sector and decrease risks to financial institutions but will also contribute to maintaining broader financial stability in an increasingly interconnected world.