There are a broad range of regulatory requirements for financial services firms when it comes to outsourcing business activities, perhaps most significantly, the EBA’s Guidelines on outsourcing (the ‘Guidelines’). The Guidelines require firms to (i) identify their outsourcing arrangements and (ii) ensure that any contracts meet specific requirements and are aligned to broader regulatory expectations. Firms need to be working to a deadline of 31st December 2021 to ensure that their existing contractual arrangements are updated to align with the Guidelines.
We understand that undertaking this type of contractual remediation exercise can be both complex and time consuming. To help firms update their contracts to align with the Guidelines in as cost effective and efficient a way as possible, we have developed the NRF Outsourcing Toolkit. The Toolkit provides access to a number of key documents that will help firms to carry out this exercise. We can also support your remediation work more generally, and have a range of options that we can deploy -from helping on an ad hoc basis to fully managing and running the remediation exercise overall.
Throughout, we will look to take advantage of state of the art technology and resourcing models to keep costs down, drive efficiency and ensure a delivery model that meets your expectations.
If you would like more information about the NRF Outsourcing Toolkit, please contact Hannah McAslan (Hannah.McAslan@nortonrosefulbright.com) or Rebecca Haynes (Rebecca.Haynes@nortonrosefulbright.com).