Regulatory Alerts2021-12-16
Cross-Industry Guidance on Outsourcing
The Central Bank of Ireland issued this December 2021 guidance to establish expectations for the effective governance and risk management of outsourcing arrangements across all regulated financial service firms. The document requires boards and senior management to implement robust frameworks for assessing criticality, conducting due diligence, and managing specific risks such as ICT security, concentration, and offshoring. It further mandates ongoing monitoring, clear contractual rights, and the maintenance of detailed registers to ensure operational resilience and regulatory visibility.
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