The Committee of European Banking Supervisors CEBS is publishing today the final set of guidelines on outsourcing of credit institutions' business activities. The aim of the CEBS guidelines is to promote an appropriate level of convergence in supervisory approaches to outsourcing. The proposed guidelines are based on current supervisory and market practices and also take into account international and European developments in the field of outsourcing. The proposed guidelines define outsourcing as "an authorised entity's use of a third party to perform activities that would normally be undertaken by the authorised entity". The use of a third party changes the risk profile of an authorised entity.
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The European Banking Authority EBA is an independent EU Authority that works to ensure effective and consistent prudential regulation and supervision across the European banking sector. The EBA outsourcing guidelines provide specific guidance on the relationship between financial institutions and their service providers. 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, access, information and audit rights, and termination rights.
We have also created mappings to the guidelines for both GCP and G Suite to assist you with understanding how we can support you with meeting the requirements and assess us as an outsourced service provider. Google Cloud is committed to addressing these requirements regardless of how institutions choose to use our services. Automatically scan various types of logs for suspicious activity to uncover security threats in your GCP environments.
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EBA Outsourcing Guidelines
Skip to content. Related Content. The CEBS is made up of high-level representatives from the EU's banking supervisory authorities and central banks, and aims, among other things, to contribute to the convergence of member states' supervisory practices. The new guidelines, which were consulted on in April , aim to promote convergence in supervisory approaches to outsourcing.
What EBA’s Outsourcing Guidelines Mean for Financial Institutions
What do they mean for financial services firms and their technology suppliers? Financial Services FS firms commonly outsource services and business functions, in particular IT and technology, and given that the majority of outsourced services are provided by a select few providers, the EBA has identified that there is a risk to the stability of financial institutions and markets if there are no safeguards in place to regulate the outsourcing process. A reminder of what can go wrong for financial institutions in outsourcing is the case of Raphaels Bank, which was fined by the FCA due to failures to comply with outsourcing rules. Other than an update for cloud service providers, this is the first EU-wide update to outsourcing guidelines for financial institutions since the CEBS Guidelines on outsourcing in . The Guidelines apply to financial institutions but because the Guidelines cover the outsourcing procedure and mandate certain issued to be addressed in outsourcing agreements, suppliers will be indirectly affected by the new Guidelines.
CEBS publishes guidelines on outsourcing by credit institutions
The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. By Fiona M. Maclean and Laura Holden. Financial institutions will now only need to consult one set of guidelines for cloud and non-cloud outsourcing. The Guidelines apply to a wider range of entities Covered Entities for the purpose of this article than the CEBS Guidelines and the Cloud Recommendations, including payment or electronic money institutions. The Guidelines now apply to all financial institutions that are:.