Optimising contracts for better financial services partnerships
Our client is one of the largest long-term savings and retirement businesses in the UK. They had an existing, long-term relationship with a supplier...
3 Oct 2023
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Challenge
The PRA issued new regulation pertaining to the risk management of third parties and outsourcing.
Our client (a Financial Services institution) needed to develop a risk-based approach to the management of all its third parties.
Approach
- Peru applied a holistic view of all third-party arrangements classifying suppliers in accordance with risk.
- We worked with the client to develop and execute a new Third Party and Outsourcing Policy.
- We analysed all existing material outsourcing contracts remediated gaps on exit provisions with contractual amendments.
- Peru further analysed other business critical contracts applying a risk-based model to the management of these suppliers.
- In collaboration, we instituted new governance and risk protocols to maintain the client’s risk posture. This includes exit plan reviews and putting in place a Risk Committee.
Outcomes
- An independent assurance that the new policy and processes would meet Regulatory requirements.
- Execution of all changes to enable the new policy and processes to be operationalised including contract amendments.
- Remediation of prior known risk issues which were addressed as part of this project.
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