In Latest Operational Resilience Proposals for UK Institutions, Regulators Outline Expectations for Outsourcing Arrangements and Third-Party Risk Management
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In December 2019, as part of a series of coordination papers published by the United Kingdom supervisory, the Prudential Regulation Authority (PRA) issued a proposal for modernizing the regulatory framework on outsourcing and third-party risk management to complement the operational resilience policy proposals it issued together with the Bank of England (BOE) and the Financial Conduct Authority (FCA).
This article takes a closer look at the PRA’s significant proposals and provides additional clarity on the definition of outsourcing and potential arrangements common to operational resilience.