Dentons speaks to Sturgeon Ventures regarding Writing an Outsourcing Policy

Practical Guidance on Writing an Outsourcing Policy

Businesses that operate within the regulated sector often rely heavily on outsourcing to third parties. This can operational and regulatory risks. This article provides general practical guidance on how to write an outsourcing policy.

Regulatory requirements

For businesses that operate within the financially regulated sector, there are invariably detailed and often prescriptive rules that apply to outsourcing arrangements.  These rules aim to ensure that the firm retains appropriate control or oversight of the activities it outsources, with the ultimate objective of protecting clients (and, in some instances where it is a systemically important institution, contributing to the overall stability of the financial system).
Rules requiring the firm to appropriately monitor and control additional operational risk arising from services or activities performed by third parties are set out in Chapter 8 of the  Senior Management, Systems and Controls Sourcebook (SYSC) in the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Handbooks.  SYSC Rules about outsourcing arrangements therefore apply (in slightly different ways) to most regulated firms; for instance, to banks, fund managers, investment firms and insurance companies.   Although an outsourcing policy is not specifically in these rules, best practice may dictate that in practice firms have outsourcing policies to comply with them.
To read more, please download the pdf

Practical Guide on Writing an Outsourcing Policy
A Practical Guide on Writing an Outsourcing Policy
 
Dentons Contacts
Amanda Lewis
Partner
D +44 20 7320 6680
M +44 7980 802 262
amanda.lewis@dentons.com
Nicholas Ralph
Managing Associate
D +44 20 7320 6211
M +44 7469 350960
nicholas.ralph@dentons.com
 

Sturgeon Ventures Background Information

Sturgeon Ventures are the most established Regulatory Incubator,a trusted partner and venture catalyst.  Providing nurturing and bespoke solutions, also known as an Regulatory Umbrella, Regulatory Hosting or Regulatory Ecosystem.
Sturgeon Ventures has incubated people and firms since 1999 and has been a family office wealth advisor since 1998.  Sturgeon Ventures are Authorised and Regulated by the FCA and provide regulatory umbrella services.
We have been nominated and won many awards including most recently the HFM Awards 2015 Highest Commendation as the Best Overall Advisory Firm, Acquisition International Magazine’s Finance Awards 2015 Best Family Office Wealth Adviser 2015 – UK and the Award for Innovation in Start-up Incubation, Finance Awards Most Trusted FCA Regulatory Incubator 2104, ACQ MAGAZINE Business Incubator of the year 2104 and Venture Capitalist of the Year at the 2014 M&A Awards.
Sturgeon Ventures contributes to industry publications such as Acquisition International and The Corporate Financier.

 

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