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Draft Supervisory Statement de-fogs outsourcing rules

Compliance Monitor

Draft Supervisory Statement de-fogs outsourcing rules

New regulatory proposals on outsourcing aim to enhance safety and resilience within financial services firms as well as foster more widespread adoption of cloud-based technologies. The Prudential Regulation Authority’s consultation provides welcome clarifications to the existing European guidelines, say Rachael Preston and Lucy Hadrill.

For many years, firms have relied on third-party outsourcing to drive their businesses forward and over the past decade a regulatory framework has developed in response. However, firms’ interactions with third parties are changing. With advances in technology, firms are increasingly relying on innovative services, including cloud-based technologies, to gain entry into new markets, reduce costs and keep pace with the ever-evolving digital landscape.

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