If you are a smaller businesses selling to banks then be aware of this possible record keeping regulation.
Chapter 4: Governance and record-keeping
1.11 The PRA is planning a follow-up consultation setting out detailed proposals for an online portal
on which all firms [bank like organisations] would need to submit information on their outsourcing and third party
arrangements.
1.12 In the meantime, firms should continue to follow existing, relevant record-keeping requirements and expectations on outsourcing. Accordingly, banks should keep a register of all their outsourcing arrangements in line with the expectations in the EBA Guidelines, and insurers should keep appropriate records of their outsourcing arrangements. The PRA considers that a firm, in complying with 2.3(1)(e) of the Notifications Part of the rulebook, would likely already have records.
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Outsourcing and third party risk management of its material outsourcing arrangements for this purpose. The proposed consultation on the online portal will explore how to integrate and streamline these notifications.
