Over recent years, financial institutions have increasingly looked to third party outsourced service providers to help support their business – these arrangements reduce costs and improve efficiency. However, with increasing amounts of outsourcing comes greater risk, and regulators across the world are now scrutinising outsourcing arrangements more than ever before. In particular, the EBA Guidelines on Outsourcing have established a prescriptive set of expectations that outsourcing contracts need to meet, and firms need to be working to a deadline of 31st December 2021 to ensure that existing contractual arrangements are updated to align with these Guidelines.
We understand that undertaking this type of contractual remediation exercise can be both complex and time consuming. To help you save time and resource, we have developed the NRF Outsourcing Toolkit, which provides access to a number of key documents that will help you to carry out this exercise. We can also support your remediation work more generally, and have a range of options that we can deploy - from helping on an ad hoc basis to fully managing and running the remediation exercise overall.
Further information on the NRF Outsourcing Toolkit can be found in the brochure. If you would like to discuss further, please get in touch with Hannah McAslan (firstname.lastname@example.org) or another a member of the team.
Optimising supply chain management through robust governance and risk management practices
Robust governance and oversight arrangements are critical to the operation of an effective and efficient supply chain, regardless of business sector or geographical footprint.
Outsourcing and artificial intelligence: Re-engineering outsourcing agreements
In the 1990s and 2000s, as everything from banking to buying books moved online, “brick and mortar” businesses were suddenly required to have an online presence and to design new business processes to accommodate the new online world.
Regulation tomorrow blog
Recent blog posts
List of pages
DNB: outsourcing contracts with large IT suppliers not compliant
On 30 November 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates that outsourcing contracts between supervised institutions and a large IT supplier structurally fails to comply with applicable laws and regulations.
PRA consults on outsourcing and third party risk management
On 5 December 2019, the PRA published Consultation Paper: Outsourcing and third party risk management (CP30/19). In CP30/19 the PRA sets out its proposals for modernising the regulatory framework on outsourcing and third-party risk management.
AI for Banks: Key Ethical and Security Risks
The use of AI to drive efficiency and business improvement has increased significantly in the last five years across multiple sectors.
Legal privilege in global investigations
When it comes to multi-jurisdictional investigations, a key challenge for in-house counsel is to maintain legal privilege. Key documents, data and communications used as part of an internal investigation can be acknowledged as privileged in one jurisdiction but not in another.