Outsourcing in Financial Services - 31/01/2018
The Training Environment For Financial Services

Outsourcing in Financial Services

31 Jan 2018, London

9:30am to 4:30pm

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, particularly in light of recent FCA thematic reviews. This focused workshop will help firms and  identify and apply best practice in the governance and management of outsourcing arrangements and understand and satisfy PRA / FCA expectations in this area of high regulatory risk. 

Specifically, attending this course will help you to:

  • Understand the regulators' 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 regulators
  • Develop resilient exit plans 
  • Anticipate and manage risks at contract 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.

Course Leader

Eithne McManus has 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.

Course Programme

Session Aim Content
Outsourcing in financial services: the business and regulatory environment To understand why financial services organisations outsource and what the regulators expect of the regulated firm and the service provider
  • Key business drivers for outsourcing
  • Overview of regulatory requirements for the control and monitoring of material outsourcing arrangements, including recent FCA thematic reviews and OWG guidance
  • 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
  • Regulatory expectations for new contracts
  • Transition issues
Risk management of outsourcing arrangements To explore techniques for the identification of outsourcing risks and their control
  • Identification 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
  • Regulatory 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
  • Regulatory expectations on contract termination
  • Exit planning
  • Reasons for contract termination and how these can impact exit plans
  • Mitigation of exit risks
  •  

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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