INTRODUCING 'EBA READY': FINANCIAL SERVICES THIRD PARTY RISK MANAGEMENT, IN SAFE HANDS

The European Banking Authority (EBA) outsourcing guidelines have changed the requirements that apply to financial services firms' outsourcing arrangements and the PRA Supervisory Statement on outsourcing and third party risk management has expanded the scope to managing the risks of third party arrangements more generally. EBA Ready is an online and interactive tool that can help you to achieve and maintain compliance across your outsourcing and third party relationships.

2021 Update: Our EBA Ready tool has been updated to enable you to track and assess the materiality of all of your third party arrangements (not just outsourcing arrangements) in light of the more holistic approach being taken by regulators to managing third party risk. It also has additional monitoring functionality in relation to key areas such as audit, subcontracting, data and security and business continuity and exit to enable ongoing monitoring and management of updated information, dates and next steps.

• Use our interactive questionnaire to help you categorise your contracts in line with materiality and outsourcing criteria and work out what requirements apply to which contracts. 
• Create and manage a digital outsourcing and third party register – questions guide you through the required content and automatically populate the register. 
• Follow bespoke action lists that are generated depending on the outcome of the categorisation. 
• Manage and track status using interactive online dashboards.
• Use our EBA & PRA RAG Contract Checklists to review and assess compliance of new and existing contracts.

Where agreements fall within the scope of the requirements, EBA Ready will suggest next steps which you can manage internally. Or alternatively free up your time by talking to our expert team who can review, draft and renegotiate new and existing outsourcing and third party contracts using our precedent tools for efficient delivery.