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.
The Bank of England has published lists of which organisations will be subject to the SS2/21 compliance by 31 March:
Is Your Organisation On The List?
Ensuring compliance across all outsourcing contracts, and taking remedial action, is a significant task. 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.
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.