The Central Bank Of Ireland's Outsourcing Register Deadline Is Fast Approaching
September 16, 2022
The deadline for regulated financial service providers (RFSPs) to submit their completed outsourcing register to the Central Bank Of Ireland (CBI) is fast approaching. Any RFSP with a PRISM rating of 'Medium Low' or above is required to submit their register by October 7th 2022, through the CBI's online reporting system.
Although the deadline is only set out for those with a 'Medium Low' or higher PRISM rating, it is suggested that all RFSPs prepare their outsourcing registers should the CBI request it.
The CBI’s outsourcing guidance is designed to assist regulated firms in developing their outsourcing risk management framework to effectively identify, monitor and manage their outsourcing risk. The guidance also sets out the Central Bank’s expectations on governance and management of outsourcing risk, and highlights the responsibilities of the board of directors and senior management when outsourcing.
Key Aspects To Consider From The CBI's Outsourcing Guidance
The outsourcing register is just one component of the overall guidance that firms need to stay ahead of. The graphic below highlights other key aspects of the guidance which firms should be aware of.
Check Out How Other Regulated Firms Are Utilising ViClarity For Outsourcing Management
ViClarity's CP138 Outsourcing Solution allows regulated firms to easily adapt and manage the guidelines that the Central Bank of Ireland have in place. ViClarity have taken the requirements from CP138 and built a framework that can be configured to suit firms of all sizes. See how it could work for your organisation by requesting a demo.