A Ringside View
Sitting with the C-Suite: Identifying Opportunities to Leverage Human Capital
Outsourcing Fuels The Future Of Oil & Gas
Frenemies: Gaining Efficiency Through Shared Services
FCPA Compliance and Ethics Report-Episode 146-David Simon on Foley's Global Risk Management Platform
Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business: - Pillar One focuses on...more
The FCA have stated that firms should “have scope to innovate whilst protecting consumers” – but what does this mean in the context of rapidly developing AI technology? In particular, how does the higher standard imposed by...more
On 13 April 2023, the Prudential Regulation Authority (“PRA”) fined Mr Carlos Abarca, the former Chief Information Officer of TSB Bank plc (“TSB”) £81,620 for breaching PRA Senior Manager Conduct Rule 2. The PRA found that he...more
On 8 February 2023, the Bank of England published a Policy Statement on outsourcing and third party risk management in financial market infrastructures (FMIs). The Policy Statement provides feedback to three previous Bank...more
The UK government confirmed on 30 November 2022 that there will be changes to the UK’s cybersecurity regulations in response to a public consultation launched earlier this year. This follows recent updates relating to the...more
Financial services firms are increasingly reliant upon third-party companies to provide important services, ranging from cloud services and data analytics to machine learning and cash distribution. As these third parties...more
Welcome to the conclusion of our two-part Spotlight post with Lee Harding in which we discuss key employment/labor and employment law issues in relation to UK and EU outsourcing transactions. In Part 1, we talked about key...more
In this two-part edition of our Spotlight series, we welcome Lee Harding to discuss key labor and employment law issues in relation to outsourcing transactions, predominantly in the United Kingdom and European Union....more
The European Securities and Markets Authority (“ESMA”) Final Report Guidelines on outsourcing to cloud service providers (“the Guidelines”) came into force on 31 July 2021 and apply to all cloud outsourcing arrangements...more
The Board of the International Organization of Securities Commissions (IOSCO) has published a set of revised outsourcing principles for regulated entities. IOSCO is an international policy forum for securities regulators and...more
The COVID-19 pandemic has accelerated the two linked trends of financial institutions transferring their IT infrastructure to the cloud and selling their self-owned data centres in order to lease back only the reduced space...more
The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021. In this edition, we cover sustainable finance developments, the...more
The PRA’s supervisory statement on outsourcing arrangements and managing third party risk requires insurers to take action now, to ensure that outsourcing agreements which are currently being negotiated comply with the new...more
The UK Prudential Regulation Authority (PRA) published a policy statement (PS7/21) and a supervisory statement (SS2/21) on clarifying and modernizing regulatory expectations of outsourcing and third-party risk management on...more
The UK Financial Conduct Authority (FCA) has published its findings on an extensive review into the factors which determine failure or success when implementing technology change in the financial services sector....more
With outsourced services capable of being provided (in many cases) far from a customer’s site, in the early stages of the COVID-19 outbreak, customers and suppliers may have been confident that their outsourcing strategy...more
On 5 December 2019 the Bank of England (Bank), UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) published coordinated consultation papers and policy on new requirements to strengthen...more
UK Treasury Committee report warns that the current level and frequency of disruption and consumer harm is unacceptable. On 28 October 2019, the Treasury Committee published a report on IT failures in the financial...more
Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services - The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7...more
Corruption Watch UK has claimed that “a company committing economic crime in the US is far more likely to be hit with criminal, civil and regulatory penalties than one in the UK.” In a hard-hitting report published on 5 March...more
The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. On 25 February 2019, the European Banking Authority (EBA)...more
In what is a challenging sector—especially following recent revelations over “secretive” government-awarded post-Brexit contracts—the UK Government recently issued new guidance on outsourcing aimed at improving government...more
Technology outsourcing by financial institutions (FIs) has increased in recent years as FIs look to the latest innovations to improve their day-to-day business processes and to reduce costs. FIs outsource key functions to a...more
The United Kingdom government’s Cabinet Office (the central procurement department for central government) is requiring major government suppliers to draft “living wills.” These are intended to safeguard the provision of...more
A significant fine imposed by the UK’s Financial Conduct Authority (FCA) on an established UK insurer is further evidence of the increased scrutiny being placed on outsourcing arrangements by the financial services regulator,...more