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In the Supervisory Statement (SS) on outsourcing and third party risk management (SS2/21) the Prudential Regulatory Authority (PRA) sets out clear expectations around the management of outsourcing and third-party arrangements throughout their lifecycle. This SS comes into effect on Thursday, 31 March 2022.
How can firms implement a compliant risk-based framework in this timeframe? What elements do firms need to prioritise to achieve this?
In this paper, UK Finance and EY explore the current industry thinking and provide implementation spotlights on some of the key topics and common challenges.
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