Guide | 3 pages
Inside the guide:
Download the guide to learn more about the PRA SS2/21 requirements and how to ensure compliance.
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The Prudential Regulation Authority requires firms to demonstrate that their outsourcing and third-party risk management is operationally resilient. Under the current supervisory statement, firms must be able to evidence:
Documented Materiality
A clear methodology for identifying "critical or important" business services.
Viable Stressed Exit Plans
Evidence that stressed exit strategies have been tested and are executable without vendor assistance.
Access to Proprietary Assets
Guaranteed legal and technical access to source code and data in the event of vendor insolvency.
Business Continuity Proof
Independent verification that the software supporting important business services can be recovered within your RTO.
Our SS2/21 Compliance Framework simplifies the transition from theory to auditable resilience. Use our structured methodology to categorise your material outsourcing and define technically viable stressed exit plans for your most critical business services.
Download the PRA Compliance Framework
Identifying your material risks is only the initial phase of SS2/21 alignment. For 'critical or important' business services, Software Escrow provides the definitive technical safety net.
By securing a verified deposit of your vendor’s source code and critical material in a neutral repository, Escode ensures your firm retains the legal and technical capability to maintain operations should a third party fail.
✓ Evidence Regulatory Compliance: Directly satisfy PRA SS2/21 expectations for 'active consideration' of escrow in stressed exit planning.
✓ Validate Stressed Exit Plans: Move beyond contractual clauses to a 'Plan B' that is technically verified and executable under stress.
✓ Mitigate Concentration Risk: Protect your most critical business services from the systemic impact of unplanned vendor insolvency.
Navigating the complexities of third-party risk management requires more than a guide. Our specialists can facilitate a comprehensive Gap Analysis of your material outsourcing, providing expert recommendations to ensure your stressed exit planning meets the Bank of England’s resilience standards.
