---
title: Client success in outsourcing regulatory compliance
description: The PRA issued new regulation pertaining to the risk management of third parties and outsourcing.
image: https://peruconsulting.co.uk/hubfs/website/graphics/global/case-studies/module-versions/financial_services_cta_image.webp
---
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# Client success in outsourcing regulatory compliance
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[mailto:?body=Check%20out%20this%20post%3A%20https://peruconsulting.co.uk/resources/we-enabled-our-client-to-meet-its-regulatory-obligations-for-outsourcing-and-third-parties](mailto:?body=Check%20out%20this%20post%3A%20https://peruconsulting.co.uk/resources/we-enabled-our-client-to-meet-its-regulatory-obligations-for-outsourcing-and-third-parties)
 Elliot Daly
Elliot Daly 3 Oct 2023 Time to read:
Industry
Financial Services
Geography
UK
## 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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