null

The Central Bank Of Ireland's Outsourcing Register Deadline Is Fast Approaching

September 18, 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.

null

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.

Back

Recent/Related Articles

Pan European Insurer Chooses ViClarity For Due Diligence Processes

January 24, 2023

This case study tells the success story of how a Dublin-based Pan European Insurer automated their supplier due diligence processes with ViClarity. Read more on how users at this organisation utilise one of ViClarity's core solutions.

2022 saw a rise in regulatory fines from the CBI and the FCA

January 05, 2023

Fines issued by both the Central Bank of Ireland (CBI) and the Financial Conduct Authority (FCA) set a new high in 2022. Both regulatory bodies have set their standards and made their expectations clear as we gradually get back to business as normal after Covid-19.