UK regulator sets out expectations on outsourcing and third party risk management

At the end of March, the Prudential Regulation Authority (PRA) published the Policy Statement (PS7/21) and the Supervisory Statement (SS2/21) which set out its expectations of PRA-regulated firms regarding outsourcing and third party risk management. The publications are part of the wider operational resilience policy package released jointly with the Bank of England (the Bank) and the UK Financial Conduct Authority (FCA). In this post, we briefly explain the background to these publications and review the implications for both PRA-regulated firms and service providers. Read more