After months of consultation, the Prudential Regulation Authority (PRA) released it’s Supervisory Statement (SS) on Outsourcing and third party risk management on March 2021, with a need to comply with these requirements by 31 March 2022.
Within this supervisory statement, the PRA refer to terms material, impact tolerances and stressed exits. But what do these mean and how will they impact Financial Institutions, credit unions and Insurance firms in the UK?
This infographic simplifies the PRAs regulatory requirements and associated technical terms to give you a better understanding of what is required from you.
Our experts are here to help you.
