If you are a smaller businesses selling to banks then be aware of this possible record keeping regulation.

Chapter 4: Governance and record-keeping
1.11 The PRA is planning a follow-up consultation setting out detailed proposals for an online portal
on which all firms [bank like organisations] would need to submit information on their outsourcing and third party
arrangements.
1.12 In the meantime, firms should continue to follow existing, relevant record-keeping requirements and expectations on outsourcing. Accordingly, banks should keep a register of all their outsourcing arrangements in line with the expectations in the EBA Guidelines, and insurers should keep appropriate records of their outsourcing arrangements. The PRA considers that a firm, in complying with 2.3(1)(e) of the Notifications Part of the rulebook, would likely already have records.

Access the full document
Outsourcing and third party risk management of its material outsourcing arrangements for this purpose. The proposed consultation on the online portal will explore how to integrate and streamline these notifications.

Leave a Reply