Outsourcing in Financial Services

Course Code:	OUT 1112
Dates:	On a date of your choice
Venue:	London EC3
Course Fees:	Available on application
CPD Credits:	6 hours

To discuss running this course in-house please contact us on 01327 858 292 or email info@ctp.uk.com

Course outline & objectives
Financial services organisations institute outsourcing arrangements for a variety of objectives: cost savings, process improvement, restructuring, access to specialist services or technology. In order to achieve any of these objectives, and mitigate the regulatory and operational risks also associated with outsourcing, it is vital firms develop and maintain an effective governance and risk management framework.

This focused workshop will help firms and identify and apply best practice in the governance and management of outsourcing arrangements and understand and satisfy FSA expectations in this area of high regulatory risk.

Specifically, attending this course will help you to:

Understand the FSA’s expectations of your firm at all stages of the outsourcing lifecycle
Employ risk mitigation techniques at due diligence and contract initiation
Carry out effective risk identification and scoring
Design a risk based control framework
Develop and use timely, appropriate and meaningful MI, including Key Risk and Key Control indicators
Demonstrate robust governance and monitoring to the FSA
Anticipate and manage risks at exit and termination

Who will benefit
This course will be of immediate and ongoing benefit to financial services professionals new to outsourcing management, experienced outsourcing managers from other industries, individuals from outsourcing service providers who need to understand the regulatory environment, as well as Compliance, Audit or Risk Management specialists in firms that use or may be about to use outsourced services.

Training approach
This workshop uses a combination of trainer input, interactive syndicate work and case studies. Group size is kept to a maximum of 16 to ensure the quality of learning and facilitate sharing of experience among the trainer and delegates.

Workshop leader: Eithne McManus
Eithne as over 20 years' experience in the financial services industry, in a variety of risk and financial management roles, and is now a consultant specialising in risk and capital management, particularly in relation to outsourcing. A qualified actuary, Eithne spent much of her career with City of Westminster Assurance, the UK arm of Irish Life and Permanent, where she was Chief Financial Officer before becoming Chief Executive. Among Eithne’s responsibilities as Chief Executive, were the governance and risk management of CWA’s material outsourcing arrangements, including the negotiation of the company’s original outsourcing arrangement and the transition of that outsourcing arrangement to a new provider. After the sale of CWA to Chesnara, Eithne assumed responsibility for risk management and capital assessment within the Chesnara group as a whole, before leaving in 2007 to establish her own consultancy company.

Course programme

Session	Aim	Content
Outsourcing in financial services: the business and regulatory environment	To understand why financial services organisations outsource and what the FSA expects of the regulated firm and the service provider	Key business drivers for outsourcing Overview of FSA requirements for the control and monitoring of material outsourcing arrangements Assessing materiality of outsourcing arrangements
New outsourcing arrangements - contract initiation	To understand the risks around the initiation of outsourcing arrangements and to explore some techniques to control these	Techniques for carrying out due diligence in advance of entering into outsourcing contracts FSA’s expectations for new contracts Transition issues
Risk management of outsourcing arrangements	To explore techniques for the identification of outsourcing risks and their control	Identification and scoring of outsourcing risks Identification of controls Case Study: designing effective controls in financial services outsourcing
Governance frameworks and relationship management	To understand techniques for managing outsourcing arrangements and to develop tools to enable this management to be evidenced	Typical lifecycle of an outsourcing arrangement Evidencing good monitoring and management to the regulator Dynamic relationship management
Management Information and SLAs	To understand why outsourcing can affect MI requirements and to explore appropriate MI for an outsourcing arrangement	FSA’s expectations for MI and outsourcing Key risk indicators and key control indicators Case Study: the design and use of appropriate MI
Contract termination	To understand the particular risks around the termination of outsourcing arrangements and to identify control strategies to address these	FSA requirements on contract termination Exit planning Reasons for contract termination and how these can impact exit plans Mitigation of exit risks

Booking

If you are interested in booking this course, or if you have any questions, please call call us on 020 3170 5779.

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