To this end, international and EU committees have to play a critical role while political momentum needs to be preserved. At the same time, policy work is under way on other important areas which have been characterised as medium-term priorities.
In too many cases, the Central Bank is still finding significant issues in the management of outsourcing arrangements, including: poor governance and controls around the risk assessment and management of outsourcing; inadequate monitoring and reporting; failure to consider third-parties in business continuity plans and tests; and a lack of exit strategies or contingency plans should the firm need to find a new service provider or bring the service back in house.