The Central Bank has published its final Cross-Industry Guidance on Outsourcing,
following its February 2021 Consultation (CP138). It has also published a Feedback Statement on that
consultation.
The Guidance comes into effect immediately, but the Central
Bank's "supervisory approach to its implementation
will be mindful of the adjustments to be made by firms relative to
the nature, scale and complexity of the use of outsourcing as an
element of their business model."
Templates for the notification of planned critical or important
outsourcing arrangements, or material changes to existing
arrangements, will be published by the Central Bank on its website
in Q1 2022 (save for the template for banks, which will instead be
published via the Single Supervisory Mechanism
(SSM)).
