Workshop reviews risks to the economy, financial system from third parties
by Emma Weiss and Amy Chapel, FRB DallasFinancial and nonfinancial companies increasingly rely on third parties to provide a wide range of critical services, from software and data to energy and telecommunications. This reliance creates a tension between increased efficiency and specialized expertise on the one hand and potential introduction of vulnerabilities on the other. Such trade-offs were the focus of a research workshop on third-party service provider risks in the economy and financial system hosted in Houston by the Federal Reserve Banks of Boston, Chicago, and Dallas.
