Catalytic converter error
 

I have 2001 ram 1500 5.2 with error on bank one but the truck drives fine. It has 165000 miles on it and has had this code for a couple of months. Says it's cat problem but I'm wondering if it's a sensor since I have no issues with driving. No miss fires when I hit gas hard no miss on idle just an annoying check engine light. I'm set to have the cat replaced it needed but before I spend all that is there anything else it could be? Thanks for any advice in advance.

Start with the sensor first. No brainer. Cheaper of the two options.

Will i need to reset or clear code after replacing sensor to see if it did the trick?

Reset the code.