Outsourcing and Third Party Risk Management
Last week we looked at Operational Resilience. Another key area of focus for businesses in the financial services industry is Outsourcing and Third-Party Risk Management (TPRM). Both sets of policies require firms to undertake a thorough review of several key areas and are closely linked.
With less than a year (31 March 2022) to deliver the changes, our Senior Director and Regulatory Compliance Lead, Lindsey Domingo examines the implications for PRA and FCA regulated firms and service providers. The approach taken by each firm will vary, but the details and significant milestones behind the new expectations is discussed below.
Have you read our responses behind other key questions? You can view them by clicking on the links to the pages below:
- How are Outsourcing and TPRM being defined? An introduction
- Which institutions are impacted by the Outsourcing and Third-Party Risk Management obligations?
- Why is this important? – Key definitions explained
- How should firms be demonstrating compliance and approaching this exercise?
- When do firms need to meet these requirements by?