Driving organisational value and resilience from effective third party management
Undertake a review of the existing management and assurance framework to ensure a focus on key risks in line with business objectives.
Undertaking due diligence on vendors to establish fit and conformity with documented requirements of the customer.
Execute a comprehensive vendor assurance programme to ensure ongoing compliance with client expectations. This will be undertaken using a variety of approaches including vendor self-assessment, assurance visits etc.
Various regulators including the Prudential Regulation Authority (e.g. SS2/21-outsourcing and third party risk management), Financial Conduct Authority (e.g. SYSC 8), and European Banking Authority (Guidelines on outsourcing – EBA/GL/2019/02) have in recent years implemented regulations for managing outsourced services in the financial services.
Ian Maddison-Roberts, VP Operations, Kimble
Read how our risk management consulting, auditing and assurance services are helping organisations like yours meet their objectives with increased confidence.