In recent years, the Central Bank of Ireland (the "Central Bank") has observed an increasing reliance by regulated financial service providers on outsourced service providers. In light of this fact, the evolving financial services landscape, growing international focus on outsourcing and increasing concerns in relation to outsourcing governance and risk management, the Central Bank undertook a significant programme of work in relation to outsourcing arrangements culminating in the publication of its Cross-Industry Guidance on Outsourcing (the "Guidance") in December 2021. This Guidance was introduced to support and complement the existing sectoral legislation, regulations and guidelines on outsourcing. Given this significant regulatory requirement, Matheson LLP's Financial Institutions Group and Asset Management Department have produced an Outsourcing Toolkit to assist clients with the application of the Guidance. As well as providing commentary on the Guidance and related obligations, the toolkit includes useful checklists pertaining to the relevant requirements.
We hope that the Outsourcing Toolkit becomes your go to resource for outsourcing matters going forward. Should you have any queries in respect of the materials included in The Matheson Outsourcing Toolkit, please do not hesitate to contact any of the Outsourcing team or your usual Matheson LLP contact.
Matheson Outsourcing Tookit PDF 3.4 MB
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