Board of Governors of the Federal Reserve System

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Figure 1. Stages of the risk-management life cycle

Figure uses a triangle graphic with a life cycle wheel inside. On the left edge of the triangle is the text, "Independent reviews." On the right edge of the triangle is the text, "Documentation and reporting." On the bottom edge of the triangle is the text, "Oversight and accountability." The life cycle inside the wheel starts with "Planning" then continues clockwise with "Due diligence and third-party selection," Contract negotiation," "Ongoing monitoring," and "Termination."

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