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Outsourcing United Kingdom Risk Management

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 10: Governance Requirements

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

BCLP

AI Recipe for Success - What Does Responsible Adoption of AI Really Mean in the Context of the Consumer Duty?

BCLP on

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

Morgan Lewis - Tech & Sourcing

UK Prudential Regulation Authority Clarifies Third-Party Risk Management Expectations

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

White & Case LLP

Operational resilience, third party risk management and impact tolerance in the time of Coronavirus

White & Case LLP on

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

Latham & Watkins LLP

Report on IT Failures in the UK Financial Services Sector

Latham & Watkins LLP on

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

Latham & Watkins LLP

Trends in Outsourcing Regulation and Supervision in Financial Services

Latham & Watkins LLP on

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

Cooley LLP

Blog: FCA publishes guidance for firms outsourcing to the cloud and 3rd-party IT service providers

Cooley LLP on

The FCA has published its final “guidance for firms outsourcing to the cloud and other 3rd-party IT services“. The guidance is generic in two senses: it “aims to help firms and service providers understand [the FCA’s]...more

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