Response to consultation on draft Guidelines on outsourcing

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Q16: Are the findings and conclusions of the impact assessments appropriate and correct; where you would see additional burden, in particular financial costs, please provide a description of the burden and to the extent possible an estimate of the cost to implement the guidelines, differentiating one-off and ongoing costs and the cost drivers (e.g. human resources, IT, administrative costs, etc.)?

As a service provider we are seeing an increased need amongst financial institutions for solutions that help them manage third party risk and we see the legislation as a further driver for the need for automation.We will be providing an assessment module that will address the regulatory requirement for this regulation in a future product release. We would be very interested in discussing with you the work that we have done in building a common network utility for third party management that is currently in use in the United States. Please find attached PowerPoint that provides additional information. Please provide a contact with whom we may discuss further.

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