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Regulators around the world are focused on the operational resilience of financial institutions, financial market infrastructures (FMIs) and the financial system as a whole. One area of significant risk to the financial system is the dependency of financial institutions on critical third parties (CTPs), particularly in relation to the cloud and other information and communication … Read more
At the end of March, the UK 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 … Read more
On 5 February 2021, the Financial Conduct Authority (FCA) published a report titled ‘Implementing Technology Change’, which sets out findings from its review into how financial services firms manage technology change, the impact of change failures, and industry practices to help reduce the impact of incidents resulting from change management. The FCA analysed over one … Read more
