Regulatory Alerts2021-12-16
Feedback Statement on Consultation Paper 138: Cross-Industry Guidance on Outsourcing
The Central Bank of Ireland issued this feedback statement to address stakeholder responses to Consultation Paper 138 regarding its Cross-Industry Guidance on Outsourcing. The document clarifies that the guidance aligns with European Supervisory Authorities standards and applies proportionally to all regulated firms, including branches and the funds sector. It also confirms that intragroup arrangements are subject to the same risk management expectations as third-party outsourcing and refines requirements for sub-outsourcing, contractual agreements, and business continuity testing.
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