Delivered by an experienced Compliance practioner and suitable for Board members, Compliance Officers, Risk Officers or Operations staff with responsibility for any aspect of outsourcing arrangements.
International regulatory standards for outsourcing risks are converging, causing many jurisdictions and their regulatory bodies to aligning to and apply common standards leading to significant changes in the regulatory expectations of some jurisdictions and in others, putting outsourcing higher on the regulators’ agenda. Outsourcing risk in regulated financial services businesses is attracting increased focus and attention during ongoing supervision activities.
This three-hour workshop seeks to inform and give practical guidance to those involved in establishing, overseeing and managing outsourcing arrangements, both intra-group and with third party service providers. It will provide participants enabling them to satisfy and evidence the proper management of outsourcing risks to meet regulatory expectations.
What is ‘outsourcing?
What is ‘insourcing’?
Why outsource – is it worth it?
Reputational risk and outsourcing
What will your clients say?
The activities and/or processes that fall within the scope of regulatory outsourcing policies
The international regulatory principles and standards vis a vis outsourcing risk
The outsourcing lifecycle – from inception to termination
IT outsourcing v Business Process Outsourcing
Selecting a provider
Service Provider Risk Assessments - the ‘what’, ‘when’ and ‘how’ for intra-group and third-party service providers.
Appointing and overseeing outsourced service providers
Contractual arrangements – what must be included?
GDPR and outsourcing
Obtaining regulatory consent – what do they require and expect to see?
Preserving your reputation and intellectual property
Managing the relationship and KPIs
Training expectations and standards for outsource service provider staff
Business continuity in outsourcing
Common failings in outsourcing
Maintaining capacity for when it goes wrong
Terminating outsourcing arrangements
Understand the scope of business activities and processes that fall within regulatory outsourcing regimes
Understand the outsourcing lifecycle
Understand the regulatory concerns, principles and expectations for gaining consent
Increased knowledge and skills to provide advice to and support the Board in the management of outsourcing risk
Know how to objectively assess service providers
Be able to conduct and document the risk assessment of outsourced service providers (intra-group and third parties) to the expectations of your regulator(s)
Understand outsourcing agreement requirements
The effect of outsourcing on your Policies and Procedures
Day to day management and oversight of outsourced service provider(s)
The effect of outsourcing on your Compliance Monitoring Plan and internal reporting
Auditing your service provider(s)
Terminating outsourced service agreements
Board members, Compliance Officers, Risk Officers or Operations staff with responsibility for assessing outsourcing opportunities, identifying, selecting and evaluating outsourced service providers, dealing with ‘insourcing’, conducting risk assessments, obtaining regulatory consent, overseeing the outsourced service provider through to termination of the outsourced arrangement.