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Outsourcing – Understanding, satisfying and evidencing compliance with increasing regulatory expectations for outsourcing with Keith Hood

Outsourcing risk in regulated financial services businesses continues to be high on the agenda of financial services regulators with increased focus during ongoing supervision activities. International standards for outsourcing risks are converging, particularly in the banking sector and many jurisdictions and their regulatory bodies are raising standards.

Description

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.

Course Content

  • 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

Learning Outcomes

  • 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

Target Audience

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.

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