Outsourcing

This description refers to one of our optional modules/extensions containing specific functionality to make Complete Control even more complete. Your single point of contact at House of Control AS can tell you more about all our optional modules and extensions.

In 2019 EBA (European Banking Authority) launched new guidelines for Oursourcing (EBA/GL/2019/02). The guidelines are valid since September 2019, but will be binding from January 1st 2022.

Is your business affected by the new guideline for Outsourcing?

The EBA Guidelines set out the internal governance arrangements that credit institutions, payment institutions and electronic money institutions should implement when they outsource internal services, activities or functions.

Read more specifically about the guidelines and who is affected here.

Outsourcing must be documented

There are some specific requirements that shall ensure that businesses that outsource has defined processes and full control. This includes e.g. an updated register with information about all oursourcing in the company. The documentation must distinguish between critical and important functions and other outsourcing.

A function is considered important or critical if a failure in delivery can lead to significant financial losses, operational disruptions and problems in fulfilling obligations to own customers, or non-compliance with regulatory requirements. If the activity requires a license from the authorities or is significant for the company's internal control, this will also indicate that the function may be critical or important.

How does Complete Control help you with this?

The contract register in Complete Control has a separate template for outsourcing. This template is set up manually by your contact person at House of Control AS based on the needs of your company. Standard questions covered in the template are, for example: In which country is the service performed and data stored? Has personal information been transferred? Is a cloud service used and, if so: which one? And of course: What kind of data is stored? There are also a number of fields related to risk assessment, supervision of the supplier, legislation and subcontractors.

House of Control AS helps you therefore with building an outsourcing solution that is tailor-made for your businesses needs.

The module also has an own report which could be presented in case of an audit.