Outsourcing is a common way of gaining access to services, technology or efficiency gains. Outsourcing can range from making arrangements with new third party provider through to centralising activities internally within the organisation, either within or outside the UK.
The first ever enforcement action taken by the PRA was for Outsourcing and it has gained increasing regulatory attention ever since. Outsourcing and third party risk management has really come into focus during the pandemic. The operational resilience of firms both regulated and unregulated has been challenged in a way none of us expected. Many firms are looking at their vendors and suppliers in a new light and reconsidering their outsourcing assessments as a result.
The PRA and FCA expects firms that outsource certain activities to do so with management oversight and control as underpinned by Principle 3 of the Principles for Businesses. Our courses will take you through these and other PRA and FCA expectations around your outsourcing and third party risk management. You can supplement this with our step by step guides and checklists to give you confidence that you haven't missed anything and your people are clear about what they need to do.
Below are details of the suggested curriculum for our more popular courses on Outsourcing.