EBA Guidelines on ICT and security risk managementEba gl 2021 03Eiopa cloud guidelinesSingle rulebook2013 36 EUEBA Guidelines on outsourcing arrangements - Deloitte
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EBA Guidelines on outsourcing arrangements. (EBA/GL/2019/02). Financial institutions have been increasingly interested in outsourcing business activities in ... Article EBAGuidelinesonoutsourcingarrangements (EBA/GL/2019/02) Financialinstitutionshavebeenincreasinglyinterestedinoutsourcingbusinessactivitiesinordertoreducecostsandimprovetheirflexibilityandefficiency.Inthecontextofdigitalisationandtheincreasingimportanceofnewfinancialtechnology(fintech)providers,financialinstitutionsareadaptingtheirbusinessmodelstoembracesuchtechnologies.OutsourcingisalsorelevantinthecontextofgainingormaintainingaccesstotheEU’sfinancialmarket. Institutionsshouldbeabletoeffectivelycontrolandchallengethequalityandperformanceofoutsourcedfunctionsandbeabletocarryouttheirownriskassessmentandongoingmonitoring.Ontheotherhand,Competentauthoritiesarerequiredtoeffectivelysupervisefinancialinstitutions’outsourcingarrangements,includingidentifyingandmonitoringriskconcentrationsatindividualserviceprovidersandassessingwhetherornotsuchconcentrationscouldposearisktothestabilityofthefinancialsystem.Toidentifysuchriskconcentrations,Competentauthoritiesshouldbeabletorelyoncomprehensivedocumentationonoutsourcingarrangementscompiledbyfinancialinstitutions. Inordertomakeiteasierforcompetentauthoritiestoeffectivelysuperviseoutsourcingarrangements,theEBAhasupdatedtheCommitteeofEuropeanBankingSupervisors(CEBS)guidelinesonoutsourcing.TheaimistoestablishamoreharmonisedframeworkforallfinancialinstitutionsthatarewithinthescopeoftheEBA’smandate,namelycreditinstitutionsandinvestmentfirmssubjecttoCRDIV,aswellaspaymentandelectronicmoneyinstitutions. Theguidelinesincluderequirementsthataimtoensure: a. effectiveday-to-daymanagementandoversightbythemanagementbody ofoutsourcedfunctionsandservices; b. asoundoutsourcingpolicyandprocessesthatreflecttheinstitution’sstrategyandriskprofile; c. properidentificationofcriticalorimportantfunctionsandsuitabilityofpotentialserviceproviders; d. protectionofcustomerdataacrossthewholeinstitution,includingtheoutsourcedfunctions; e. competentauthoritiesremainabletoeffectivelysuperviseinstitutions. Theguidelineswillenterintoforceon30September2019,withthe2006guidelinesonoutsourcingbeingrepealedatthesametime. FormoredetailsonthekeyaspectsoftheEBAguidelinesonoutsourcingarrangements,pleaserefertotheattachedbriefingnote. EBAGuidelinesonoutsourcingarrangements DownloadPDF KeyContacts PanicosG.Papamichael RiskAdvisoryPartner [email protected] PanicosisaRiskAdvisoryPartnerwithafocusonStrategy&Operations,EnterpriseApplicationsandTechnologyIntegrationConsultingfunctionsoftheFirmandcontributestothedevelopmentofthe...More CleaEvagorou RiskAdvisoryLeader [email protected] CleaEvagorouleadstheRiskAdvisoryservicesofDeloitteCyprusandistheRiskAdvisoryFSILeaderforNorthSouthEurope.CleaspecialisesinBankingandFinancialServices,focusingonCapitalan...More Contactus SubmitRFP Didyoufindthisuseful? Yes No Recommendations Relatedtopics
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