By 31 December 2021, almost every financial institution in the UK and Europe will have to comply with the new Outsourcing Guidelines passed by the European Banking Authority (EBA). This means that not only banks but most regulated fintech companies will have to introduce risk management and compliance processes to manage the SaaS they use and many other things they outsource by next year.
We’ve distilled the requirements (EBA/GL/2019/02, EBA/GL/2019/04) into a simple to use 5-step process with one-click report generation, a real-time Cloud Software register and automatic reminders to ensure that you never miss a scheduled review.
Benefits and cost assessment, documentation of key functional and non-functional requirements.
Documented risk ratings, comments and mitigations for 23 different regulatory requirements.
Documented classification, enhanced due diligence and risk assessment template, Exit Plan.
Contract review template for the 7 different regulatory requirements, plus enhanced contract review for Critical or Important functions with a further 23 regulatory checks.
Automatically generated Cloud Software register with the 10 fields required by the regulations updated in real time and a further 9 fields required for cloud software classified as Critical or Important.