Guidelines on third party risk management
- Status: Final and awaiting translation into the EU official languages
The Guidelines on the sound management of third-party risk related to non-ICT services, once applicable, will repeal the Guidelines on outsourcing arrangements.
The Guidelines on outsourcing arrangements provide a clear definition of outsourcing and specify the criteria to assess whether or not an outsourced activity, service, process or function (or part of it) is critical or important. The 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.