Previously, it has been customary for financial companies to handle their outsourcing arrangements in Excel and other systems. However, the new outsourcing requirements impose far more restrictions for each outsourcing arrangement – including arrangements that are defined as non-important or non-critical.
This also includes stricter requirements for documentation of all assessments you make. In addition to this, you also need to provide information from your new register in an electronically readable format to the Danish Financial Supervisory Authority.Read the outsourcing guidelines that reflect EBA's guidelines..
At the same time, it has become clear that you need to have more active control of your suppliers - both to comply with the outsourcing rules and GDPR.
Many users find that the ability to document, record, and monitor outsourcing arrangements becomes less complex and more accurate when they choose to get a system that supports their outsourcing management.
Additionally, you ensure that the entire organization can collaborate on the individual arrangement. For instance, it is often necessary to involve procurement, risk, IT security, law, etc. in the process and contact arrangement if changes occur in your organization.