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.
Financial Services: Global Regulation Tomorrow
Recent blog posts
List of pages
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.
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
Publication
From Talk to Action: Driving Change in the Legal Ecosystem
In mid-March 2025, Cognia Law and Norton Rose Fulbright’s Legal Operations Consulting team co-hosted a second roundtable event that brought together senior leaders, including GCs, COO and head of legal operations, from across the legal industry to discuss how to drive meaningful change within the legal ecosystem.
Publication
SFO sets out its new Business Plan: four key takeaways
The SFO’s Business Plan for 2025-2026 signals its intention to take centre stage in global financial crime enforcement, setting out its vision to be a “proactive, authoritative player in the global and domestic justice system”.
Publication
Office of the United States Trade Representative (USTR) proposes to impose port fee increases on Chinese vessels and vessel operators (consultation closing on 24 March 2025)
On 16 January 2025, the USTR published a notice of determination that China’s targeting of the maritime, logistics and shipbuilding sectors for dominance is actionable under Section 301 of the US Trade Act of 1974. Section 301 grants the USTR the authority to investigate and remediate, including through the imposition of tariffs or other import restrictions, foreign trade practices that it determines (1) are unreasonable or discriminatory, and (2) burdens or restricts US commerce.
Subscribe and stay up to date with the latest legal news, information and events . . .