Topic

SR 11-7

SR 11-7 is a guidance document issued by the Federal Reserve in 2011 that addresses sound practices for managing risks associated with third-party relationships in banking. The guidance covers vendor management, outsourcing arrangements, and service provider oversight, establishing expectations for banks to conduct due diligence and maintain appropriate controls over critical service providers. For enterprise AI governance, SR 11-7 is relevant because financial institutions increasingly use third-party AI vendors and cloud providers for model development and deployment, requiring banks to ensure these relationships comply with existing regulatory frameworks and risk management standards.

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