The views and opinions expressed in this article are those of the thought leader as an individual, and are not attributed to CeFPro or any particular organization.
By Paul Huggett, Head of Partner Management, Bank of Ireland & NFR Leaders Advisory Board member, CeFPro
How have you seen regulation evolve and what changes do you see ahead for vendor & third party risk management?
I see regulators starting to harmonise their approaches with common terminology and definitions. The EBA Outsourcing guidelines are relatively prescriptive which makes interpretation slightly easier, and it’s good to see the UK and Irish regulators broadly aligning themselves with those guidelines. Of course there is always a local flavour to consider which keeps things interesting.
I think we will see a greater focus on supply chains and an expectation that financial services providers have a deep and end-to-end understanding of all of the parties that support their more important services. The pressure is going to be growing on the bigger service providers to be more transparent with their buyers on their own third party management practices.