Central Bank of Ireland Requirements on Outsourcing - May 2013

During Autumn 2012 The Central Bank of Ireland conducted a thematic review to assess the approach to outsourcing and its inherent risks, compliance with specific outsourcing requirements and to evaluate best practice in the industry. Subsequently the Central Bank published their findings, making a number of recommendations to assist firms in assessing their compliance with the outsourcing requirements. As a concluding note the Central Bank stressed that the ultimate responsibility for the compliance with all regulatory obligations rests with the Board of each firm, and that in future the Central Bank would seek to deploy the full range of its supervisory tools where it perceives that firms pose a risk outside the Central Bank’s risk appetite and where there is continuing non-compliance.

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IMA White Paper - May 2013

In December 2012 the FSA (now FCA ) issued the ‘Dear CEO’ letter on outsourcing, prompted by the regulator’s concerns around the deficiencies and inconsistencies exhibited by the asset manager community in their management and oversight of material outsourcing relationships. Addressing these concerns, the IMA in conjunction with Eversheds prepared and issued a report for its members to consider the following: -What types of outsourcing activities occur in practice within IMA member firms -Which risks and issues are relevant to the topics discussed in the Dear CEO Letter -Identify ideas that may be used to attempt to address the regulator’s concerns

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