Standards Setter Raises Concerns On 3rd-Party Outsourcing

Law360, London (November 9, 2020, 2:52 PM GMT) -- The Financial Stability Board said on Monday that it is seeking responses from the financial sector about how to rein in the industry's growing reliance on outsourcing business to third party entities, particularly in technology.

The global standard-setting body for national regulators said it wants to review how closely watchdogs supervise companies that are outsourcing parts of their operations to third parties and subcontractors. The practice is on the rise and could pose risks to the financial sector, the board said.

"Financial institutions have relied on outsourcing and other third-party relationships for decades," the FSB said, "However, in recent years, the...

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