An increasing number of companies are outsourcing to the cloud, so European regulator ESMA issued new guidelines last month to help financial firms manage risks related to cloud outsourcing. As such, we have updated our ‘Blanco paper’ to help you navigate all the latest and relevant outsourcing legislation and requirements.
Last year, the AFM asked about outsourcing by Dutch investment firms and investment institutions. To help our customers answer this question from the AFM and to help them on the subject of outsourcing in general, we published a ‘Blanco paper’ about outsourcing. The ‘Blanco paper’ helps customers to interpret and implement outsourcing legislation and requirements. It discusses the EBA guidelines and further explanations provided by the Dutch regulators DNB and AFM. The document also covers both general outsourcing requirements and outsourcing to Blanco (including AIRS).
An increasing number of companies are outsourcing to the cloud, which brings many advantages but also introduces new risks. In response to this, European regulator ESMA issued new guidelines for financial firms to manage risks associated with outsourcing to cloud service providers. The ESMA guidelines help to identify, address and monitor risks, providing guidance on appropriate control measures for these risks. These guidelines apply to new or amended contracts from 31 July 2021 and to existing contracts from 31 December 2021.
We have now updated our ‘Blanco paper’ on outsourcing to include these new ESMA guidelines. This way, the ‘Blanco paper’ helps our customers attain a complete understanding of all the latest and relevant outsourcing legislation and requirements. Easy does it.
Click here to download the updated ‘Blanco paper’ on outsourcing.