Following industry consultation earlier this year (CP138), the Central Bank has now published final guidance for the governance, risk management and business continuity management of outsourcing activities by all regulated firms. The Guidance, which is effective immediately, includes measures for each stage of the outsourcing lifecycle and is additional to, but does not supersede, existing sectoral rules applicable to regulated firms’ outsourcing activities. The Guidance, published in support of the Central Bank’s strategy for maintaining financial stability, should be read in conjunction with the Central Bank’s Operational Resilience Guidelines published on 1 December 2021. Our client briefing on the Operational Resilience Guidelines is available here.
Click on the image below for a copy of our client briefing on the Guidance.
Contributed by Nessa Joyce