On 25 February 2021, the Central Bank launched a public
consultation " CP 138 on Cross-Industry Guidance on
Outsourcing" and issued draft Cross-Industry Guidance on Outsourcing (the
"Guidance"). The stated aim of the
Guidance is to assist firms in developing their outsourcing risk
management frameworks so as to effectively, identify, monitor and
manage their outsourcing risks.
Elaine Long, senior associate: "The
Guidance is a culmination of the significant body of work
undertaken by the Central Bank in recent years in relation to
outsourcing, including its cross sector survey of regulated firms,
a discussion paper, an industry conference and ongoing supervisory
engagements. More broadly, the Guidance complements the strategic
themes of "Strengthening Resilience" and
"Strengthening Consumer Protection", as set out in the
Central Bank's Strategic Plan 2019 – 2021.
