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4 | EBA Outsourcing Guidelines 1. The COGs are the most recent set of guidelines from the ESAs and come in addition to the European Banking Authority's (EBA) guidelines on outsourcing arrangements. However, the European Regulator is continuing to pursue its overall goal of strengthening the regulatory framework in the . The new EBA Guidelines cover information technology outsourcing, including financial technology (fintech) and outsourcing to cloud service providers. Compliance and reporting obligations (paras.

Applying the EBA outsourcing guidelines, not just for the sake of regulatory compliance, will definitely increase the chances of having fruitful and value adding outsourcing arrangements. Within these Guidelines, the EBA aims to contribute to a harmonized framework for outsourcing on a European level. More detail on Outsourcing Register: An appendix to the draft SS provides further guidance on completing the Outsourcing Register in line with EBA Outsourcing Guidelines. However, the EBA also set a hard deadline of 31 December 2021 for institutions to review and update the documentation for legacy outsourcing arrangements of critical or important functions - other than in respect of outsourcing arrangements to cloud service . EBA/GL/2019/02, were published in February 2019 and came into force in September 2019. Raphaels Bank: When outsourcing goes awry. The aim of the EBA Guidelines is to "establish a more harmonised framework for all financial as outsourcing only where the service provider performs it on an ongoing basis. There was general support for the proposals. The European Banking Authority (EBA) launched today a public consultation on its draft Guidelines on outsourcing.

EBA Guidelines on Outsourcing: A Guide to EBA Compliance.

These Guidelines, which review the existing CEBS Guidelines on outsourcing published in 2006, aim at establishing a more harmonised framework for outsourcing arrangements of all financial institutions in the scope of the EBA's action. The Guidelines come into force on 30 September 2019, and will replace the CEBS Guidelines on outsourcing from 2006 and the EBA Recommendations on outsourcing to cloud service providers from 2017 - the cloud recommendations being integrated into the new Guidelines. The guidance introduces a single governance framework for all financial institutions to consider when entering into an outsourcing arrangement and introduces new areas of focus for firms to . Once in force, the New Outsourcing Guidelines will repeal the current outsourcing guidelines issued in December 2006 by the Committee of European Banking Supervisors (the predecessor to the EBA . This means that, unlike the old CEBS guidelines on outsourcing, the EBA's guidelines also apply to payment institutions .

Additional "Recommendations on cloud outsourcing" were issued on December 20, 2017 by the European Banking Authority (EBA) and entered into force on July 1, 2018. The EBA published on 25 February 2019 revised guidelines for financial institutions looking to outsource to both external and intra-group service providers. 3-4) 2. Fortunately, the EBA had foreseen a transitional period, which will end on 31 December 2021. The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. The EBA Guidelines apply to any outsourcing " entered into, reviewed or amended " by an institution . Considering that the main risks associated with cloud outsourcing are similar across sectors, ESMA has considered the recent guidelines published by EBA and EIOPA, namely the EBA Guidelines on outsourcing arrangements, which have incorporated the EBA Recommendations on outsourcing to cloud service providers, and the EIOPA Guidelines on . This follows the November 2018 publication by the Central Bank of Ireland (the "Central Bank") of its Outsourcing - These are banks, building societies and IFPRU investment firms as defined in our Handbook. These Guidelines also incorporated the EBA's 2017 recommendations on outsourcing to cloud service providers (CSPs). Both the Committee of European Banking Supervisors (CEBS) 2006 Guidelines on outsourcing and the EBA's recommendations on outsourcing to cloud service will be repealed on 30 September. (In practice the existing EBA cloud recommendation have been largely incorporated within the Guidelines albeit, with more emphasis on the distinction between the . The EBA Guidelines specify that continuous monitoring of third-party outsourcing arrangements is required as part of the risk management of vendors. Part One - European Level Outsourcing Guidance EBA Guidelines Applies to outsourcing to third-parties Applies t o intra -group outsourcings Appli es to intra -entity outsourcings Brexit Implications EU Level 3 materials will not be onshored, and, accordingly, the EBA Guidelines will not form part of UK retained law.

This SS clarifies how the PRA expects banks to approach the EBA Outsourcing GL in the context of its requirements and expectations. Guidelines (EBA/GL/2017/05) and the EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02) The Guidelines do not outline how financial institutions are expected to implement the 3 Lines of Defense model, but they are compatible with the model (and aligned with EBA Guidelines on internal governance) Focus on the responsibilities of the Financial organizations must continuously monitor and manage third parties throughout the lifecycle of these vendor relationships. Banks should respond quickly. This condition should be included in the definition of outsourcing or specified by the EBA in the title II of these GLs ("Outsourcing arrangements"). Title: Advisory: Oracle Cloud Services and the European Outsourcing Guidelines (EBA, EIOPA, ESMA) Author: Oracle Corporation Subject: Provides information to help customers determine the suitability of using Oracle cloud services in the context of the EU outsourcing guidelines provided by the European Banking Authority (EBA), European Securities and Markets Authority (ESMA), and Eur opean . Final Report on EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02) Executive summary; Background; Guidelines on outsourcing. As this shows, the outsourcing market is growing in The European Banking Authority (EBA) issued its final report on outsourcing arrangements on 25 February 2019 (EBA/GL/2019/02). 5-6) We expect a dedicated Outsourcing Circular to be published in the course of 2021. They also replace the EBA's Recommendations on Outsourcing to Cloud Service Providers published in 2018. With as many as 125 pages, the EBA's Guidelines provide a comprehensive instrument for financial institutions to take at hand when considering to outsource an activity, service, process or function. EBA Guidelines on outsourcing arrangements 01 Table of Contents 1 High-Level summary of the issued Guidelines 3 1.1 Executive summary 3 1.2 Background 4 1.2.1 Compliance and reporting obligations 5 1.2.2 Timings 5 2 Guidelines on outsourcing 6 2.1 Guidelines 1&2 - Proportionality: groups and institutional protection schemes 6 In addition, certain chapters in this SS expand on the expectations in the EBA Outsourcing GL, for instance . The harmonised framework applies to all financial institutions that are: Within the scope of the EBA's mandate, including credit institutions The EBA Outsourcing Guidelines replace the Committee of European Banking Supervisors (CEBS) guidelines on outsourcing that were issued in 2006. The EBA Guidelines came into force on 30 September 2019 (the "Commencement Date") and replaced the CEBS guidelines on outsourcing from 2006. The Guidelines set out a new harmonised governance framework for outsourcings, including cloud outsourcings in one document. Outsourcing and third party risk management March 2021 2 and relevant sections of the EBA ZGuidelines on ICT and security risk management [ (EBA ICT GL).6 Summary of responses 1.6 The PRA received 37 responses from a range of stakeholders, from PRA-regulated firms to third party service providers. Outsourcing is "an authorised entity's use of a third party [] to perform activities that would normally be undertaken by the authorised entity." EBA Guidelines3 A number of jurisdictions have issued supervisory rules or outlined expectations related to outsourcing to manage the associated operational risk. The Consultation Paper takes a similar approach setting out requirements with regards to pre-contract considerations, requirements relating to . In particular, the guidelines specify a set of aspects that should be included in the contract between the financial institution and their service provider, including requirements on sub-outsourcing, security . The EBA Guidelines apply to any "Outsourcing" arrangements, defined as: "an arrangement of any form between [a firm] and a service provider by which that service provider performs a process, a service or an activity that would otherwise be undertaken by the [firm] itself." This includes unwritten informal arrangements and intra-group outsourcing. The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. The European Banking Authority's (EBA) guidelines on outsourcing, issued in February 2019 and entered into force in September 2019, have considerably increased the level of control of third-parties including cloud providers. However, significantly the PRA has now made clear "due to the disruption and reprioritisation caused by the COVID-19 pandemic and changes to the UK, EU and . In December 2019, UK regulators published a policy summary and Consultation Papers (CP) in order to expand on the discussion papers. Outsourcing has become a major market activity, with Gartner forecasting the IT Outsourcing market alone to reach $287 billion in 2013. Due to the increasing complexity of 5 The EU's proposed Digital . Helpfully to financial institutions operating both banking and insurance businesses, the EIOPA Cloud Guidelines are closely aligned with the EBA Guidelines on Outsourcing Arrangements. EBA's Scope. The final report contains the guidelines and a detailed summary of the changes from the previous draft Guidelines issued in June 2018 (EBA/CP/2018/11). (Note: the EBA recommendation on outsourcing to cloud service providers predates the recent Draft Guidelines. Diverging perceptions and expectations . To save you reading, below are presented the 7 key takeaways from the new Guidelines: 1. Notably, the EBA rejected requests from respondents to the Public Consultation to delete "FinTech" from . Subject matter, scope and definitions 18 Subject matter 18

The EBA website is the official source of information on EBA guidelines and recommendations. Regulation & Guideline / Industry Standard & Framework Assessment Required Monitoring Required NY DFS 23 NYCRR 500 OCC Bulletin 2013-29 Bulletin 2017-21 FCA FG 16/5 EU GDPR EBA Guidelines on Outsourcing Arrangements HHS HIPAA Security Rule FFIEC BCP Booklet: Appendix J Information Security Booklet ISO These guidelines also incorporated the EBA's 2017 recommendations on outsourcing to cloud service providers (CSPs). Overall, this remains a very demanding set of regulations with huge implications for data management, lending strategies and client relationships. Raphaels Bank: When outsourcing goes awry. Many readers will be familiar with the requirements of the EBA's Guidelines on Outsourcing Arrangements and, specifically, the requirements to be addressed in the relevant outsourcing agreement itself. Summary. European Banking Supervisors guidelines on outsourcing' (CEBS guidelines) on outsourcing to Cloud Service Providers (CSP). The EBA outsourcing guidelines (EBA/GL/2019/02) apply to credit institutions and investment firms subject to the EU Capital Requirement Directive (2013/36/EU). The Guidelines update and replace the guidance on outsourcing that the EBA's predecessor, the Committee of European Banking Supervisors (CEBS), issued in 2006. 1. The EBA Guidelines will apply from 30 September 2019 (though one point regarding the approach to third country The New Outsourcing Guidelines are now awaiting to be officially translated into member state languages and will enter into force on 30 September 2019. Specificities regarding IT outsourcing relying on a cloud computing infrastructure These Guidelines, which review the existing CEBS Guidelines on outsourcing published in 2006, aim at establishing a more harmonised framework for outsourcing arrangements of all financial institutions in the scope of the EBA's action. The updated guidelines on outsourcing, EBA/GL/2019/02, were published in February 2019 and came into force in September 2019. The EBA Guidelines also incorporate the EBA's 2017 recommendations on outsourcing to the cloud. The EBA Guidelines apply to any "Outsourcing" arrangements, defined as: "an arrangement of any form between [a firm] and a service provider by which that service provider performs a process, a . The guidelines shed light on the controls needed to ensure compliance and provide a harmonized regulatory convergence for financial institutions in the EU in relation to the cloud. To achieve full compliance with the new regulations, our client had to consider both, EBA guidelines in force from September 2019 but not yet translated into national regulation and local requirements regarding outsourcing to cloud computing infrastructures.

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