How often does the OCC recommend reviewing third-party arrangements for retirement products?

The Office of the Comptroller of the Currency (OCC) recommends reviewing third-party arrangements for retirement products every three years. This guideline is based on the importance of maintaining strong oversight and a regulatory framework that ensures financial institutions are effectively managing risks associated with third-party relationships. By conducting these reviews every three years, organizations can assess the performance and compliance of third-party vendors, ensuring that they meet regulatory requirements and align with the institution's standards for product offerings.

The three-year timeframe gives sufficient opportunity for institutions to gather and analyze relevant data about their vendors, address any emerging risks, and implement necessary changes to their oversight practices. This periodic review helps to ensure the ongoing reliability and effectiveness of retirement products offered by these third parties, thereby safeguarding the interests of customers and the institution itself.