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UK Finance has responded to the PRA consultation paper on outsourcing and third party risk management (CP30/19) on behalf of it's members.
Our response agreed with the general intent of the PRA and it's efforts to be principles based, rather than prescriptive, while requesting that it maintains a pragmatic and flexible approach to implementation.
The consultation paper is closely tied to other regulatory papers (in particular the EBA guidelines on outsourcing arrangements and the Bank of England, PRA and FCA papers on operational resilience) and we believe that for implementation to be effective it needs to align with them where appropriate.
We expect the PRA Policy Statement to be published in 2021 and we look forward to engaging further with our members and the PRA on this important topic, particularly around clarification on the assessment of ?materiality?, the application of proportionality and the introduction of an outsourcing register.
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