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NRF Outsourcing Toolkit
Over recent years, financial institutions have increasingly looked to third party outsourced service providers to help support their business – these arrangements reduce costs and improve efficiency. However, with increasing amounts of outsourcing comes greater risk, and regulators across the world are now scrutinising outsourcing arrangements more than ever before. In particular, the EBA Guidelines on Outsourcing have established a prescriptive set of expectations that outsourcing contracts need to meet. This is relevant to both EU and UK firms, and firms should be working to ensure that existing contractual arrangements are updated to align with these Guidelines.
We understand that undertaking this type of contractual remediation exercise can be both complex and time consuming. To help you save time and resource, we have developed the NRF Outsourcing Toolkit, which provides access to a number of key documents that will help you 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.
Further information on the NRF Outsourcing Toolkit can be found in the brochure. If you would like to discuss further, please get in touch with Hannah McAslan (hannah.mcaslan@nortonrosefulbright.com) or another a member of the team.
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Financial Services: Global Regulation Tomorrow
Helping you keep track of the evolving and increasingly complex global financial services regulatory environment.
Recent blog posts
List of pages
![Financial graphs](https://www.nortonrosefulbright.com/-/media/images/nrf/blog/financial-graphs.jpg?h=1080&iar=0&w=1920&revision=,4611686018427387904&hash=BD05C7D722B7E940A6DC7E80E00A3313)
DNB: outsourcing contracts with large IT suppliers not compliant
On 30 November 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates that outsourcing contracts between supervised institutions and a large IT supplier structurally fails to comply with applicable laws and regulations.
![Financial graphs](https://www.nortonrosefulbright.com/-/media/images/nrf/blog/financial-graphs.jpg?h=1080&iar=0&w=1920&revision=,4611686018427387904&hash=BD05C7D722B7E940A6DC7E80E00A3313)
PRA consults on outsourcing and third party risk management
On 5 December 2019, the PRA published Consultation Paper: Outsourcing and third party risk management (CP30/19). In CP30/19 the PRA sets out its proposals for modernising the regulatory framework on outsourcing and third-party risk management.
Recent publications
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Publication
The EU Gas and Hydrogen package
On 21 May 2024, the European Council (or Council) adopted the so-called ‘Hydrogen and decarbonised gas market package’ (the Gas Package). The package contains a recast of the 715/2009 gas regulation (Gas Regulation) and a recast of the 2009/73 gas directive (Gas Directive) aimed at reforming the existing EU regulatory framework to support the deployment of renewable and low-carbon gases, in particular hydrogen. As such, it represents a major development in the EU gas market.
Publication
Stephanie Hamon discusses the common challenge of In-House teams to “Do more for less” in a Legal IT Insider interview
"Doing more with less" is a challenge every in-house legal team knows all too well.
Publication
Stephanie Hamon on managing change and tech implementation at a panel event at LegalTechTalk 2024
Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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