PRA – new rules on outsourcing and third-party risk management

07/10/2021 | Online Zoom Conferencing

This training session will explain how the new PRA rules applicable to all forms of outsourcing under the PRA’s definition: ‘an arrangement of any form between a firm and a service provider, whether a supervised entity or not, by which that service provider performs a process, a service or an activity, whether directly or by sub-outsourcing, which would otherwise be undertaken by the firm itself’, will indirectly impact MGA’s. The new rules are aligned with existing FCA rules and guidance on outsourcing as outlined in the Systems and Controls (SYSC) Sourcebook.

Learning Objectives
By the end of the session delegates will be able to:

  • Summarise why insurers will be asking you to confirm that you are operationally resilient, and what this means
  • Explain proposed changes to agreements with Insurers
  • Explain why Insurers will be asking you to attest to the operational resilience of all sub-outsourcing arrangements e.g. sub-delegation/Coverholder arrangements, and
  • Set out the actions needed to comply with the regulatory requirements imposed on Insurers, and which will indirectly impact MGA’s and other third parties with whom Insurers have arrangements (both existing and new).

About the speakers

Suneeta has undertaken and managed a wide range of regulatory engagements for numerous insurance firms, holding senior positions within a number of these firms, previous roles include: Head of Group Compliance and Risk at Howden Broking Group, Head of Compliance for Amlin UK, Interim Head of Compliance and Regulatory Affairs at XL Catlin, Interim Head of Compliance at Lloyd’s of London and more recently working with StarStone International as the International Director of Compliance. Suneeta is currently working with a number of insurers on Culture, Governance and more recently Operational Resilience. Suneeta sits on a number of market wide Committees focussed on Culture, Diversity and Inclusion across the Market.

Colette has over 20 years’ experience in the UK financial services regulatory environment and joined Padda Consulting after leaving AXA where she headed up the UK regional Compliance function for the AXA UK Group and where she qualified as a Solicitor. Before this, Colette was a Supervisor of both insurance firms and personal investment firms at the financial services regulator (PIA and FSA) having joined in 1997. Colette has a wide variety of experience gained at both the regulator and the AXA Group across all aspects of regulation and governance. Since joining Padda Consulting,

Colette has undertaken numerous Governance, Risk and Compliance engagements for a range of organisations including specific activities relating to the SMCR and associated Conduct Rules, as well as wider Corporate Governance reviews involving assessments of firm culture and behaviours.

If you will not have access to video for this briefing and would like to follow the slides when dialing in, please email and we will issue these to you prior to the Webinar.