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Are Financial Services companies ready for the new Regulation?

Tuesday 11 January, 2022

Financial Services companies operating in the UK risk substantial fines if they have not ensured that all their outsourcing contracts are compliant with the 'Outsourcing & Third Party Risk'  Bank of England regulation (SS2/21) by 31st March 2022.

This is a significant task, and many organisations are finding they do not have the internal bandwidth to complete these activities by the deadline.

The FCA and the PRA are currently paying close attention to "operational resilience" in outsourcing arrangements, due to a number of significant technology outages in the financial services sector in recent years. For example, R. Raphael and Sons plc (Raphaels) was fined £1.9 million by the FCA and the Prudential Regulation Authority in 2019 for failing to manage its outsourcing arrangements adequately.

Find out how ready your organisation is for SS2/21 by answering these 5 quick questions:

Take short survey >

Coeus Consulting are offering a low cost, fixed price Readiness Assessment to all eligible financial services organisations. View our approach here.

Coeus has proven experience & methodology in this area, view more here.

Get in touch to discuss any of the above.

Coeus Consulting are an independent, award-winning IT advisory that stands alongside technology, business and procurement leaders to deliver strategic change.

Coeus helps organisations across IT Strategy, IT Sourcing, Change & Architecture.