Hi John, if you are in financial services especially banking, you might need to consider joint ventures to be a third party and part of the TPRM process.
The Fed, FDIC and OCC recently released Proposed Interagency Guidance on Third-Party Relationships: Risk Management for public review and comment. I believe the comment period ends mid to late October (there was an extension to the comment period granted). That guidance explicitly includes joint ventures as a covered third-party relationship:
"The proposed guidance provides examples of third-party relationships, including use of independent consultants, networking arrangements, merchant payment processing services, services provided by affiliates and subsidiaries,
joint ventures, and other business arrangements in which a banking organization has an ongoing relationship or may have responsibility for the associated records."
https://www.federalregister.gov/documents/2021/07/19/2021-15308/proposed-interagency-guidance-on-third-party-relationships-risk-managementShelly
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Shelly Chase
Senior Risk Analyst Officer
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Original Message:
Sent: 09-22-2021 04:06 PM
From: John Brightwell
Subject: Joint Venture
As a very generic question, a Joint Venture would not be considered a true vendor, correct? My thought is that it would be a separate "entity" altogether and would not reside in the world of Vendor Management. Any insight on this scenario?