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Client success in outsourcing regulatory compliance

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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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