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ARTICLE · 28 OCTOBER 2026

CBI Consults On Third-Party Risk

William Fry LLP
William Fry LLP
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William Fry LLP

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The Central Bank of Ireland has published a consultation paper proposing new guidance on managing third-party risks that extends beyond traditional outsourcing to encompass partnerships, joint ventures, and fintech collaborations. The proposed framework aligns with recent European Banking Authority guidelines and DORA, introducing a lifecycle-based approach with enhanced contractual provisions and broader scope than the 2021 guidance it will replace. Financial entities now face the challenge of identifying

IrelandFinance and Banking
John O'Connor
John O'Connor
Conor Forde
Conor Forde
Emily Birchall
Emily Birchall
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The Central Bank of Ireland (CBI) has published Consultation Paper CP173 (Consultation Paper).

It sets out proposed Guidance on Good Practices for the Sound Management of Third-Party Risks (Guidance). Once finalised, the Guidance will replace the CBI’s Cross-Industry Guidance on Outsourcing published in December 2021 (2021 Guidance). The consultation will remain open for eight weeks, closing on 3 December 2026.This follows the publication by the European Banking Authority (EBA) of its final Guidelines on the sound management of third-party risk regarding non-ICT services (2026 EBA Guidelines), which we considered in our earlier article here.

In this article, we look at the objectives of the Guidance, how it aligns with the 2026 EBA Guidelines, and the practical differences between the Guidance and the 2021 Guidance.

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