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Risk Intelligence Report: Outsourcing and third-party providers
The OCC, the SEC, and other regulatory agencies are increasingly scrutinising third-party risk management. The agencies are demonstrating a lower tolerance for insufficient programs to control and manage these critical risk areas by increasing the penalties for program deficiencies. Our risk intelligence piece looks at:
- History repeating itself
- The increasing risk factors
- Fixing the gaps
- Mitigating the risks
The European Banking Authority (EBA) requires firms to demonstrate by the end of 2021 they have effective controls in place to monitor the outsourcing of critical operating functions. The BOE, PRA and FCA have in March 2021 aligned and finalised their policies on operational resilience; March 2022 is an important deadline.
This risk intelligence piece is available to download or on the Acin Platform.
