Governance and Oversight of Outsourced Activities Briefing – 2 hours
10:00 am - 12:00 pm
It is commonplace for financial services providers to outsource certain functions, operations or tasks. When the services being provided relate to regulated activities, increasing focus is being placed on the need to retain effective oversight. Regulated entities must always be aware that the ultimate responsibility for complying with regulatory requirements remains on the regulated entity and not the Outsourcer.
In recent times, the Central Bank has highlighted this issue more than one settlement agreement within its administrative sanctions regimes and highlighted failures in its reports on AML/CFT and FS inspections. It also included this topic as an enforcement priority for 2015.
This 2-hour briefing aims to address the potential problems in relation to maintaining adequate oversight of outsourced activities and other potential safeguards to help ensure compliance with CBI expectations in this area.
This course will cover the following topics:
Central Bank commentary and expectations including:
Relevant enforcement actions
Central Bank reports on AML/CFT and FS in Banks, Credit Unions and Funds
The importance of written agreements/SLA’s
Suggested methods of ensuring and documenting adequate oversight
Who should attend?
This will be updated in due course.
Establishing the Internal Audit Function – Half Day