Guest article: Cathy Lloyd
Given the local resource constraints, more firms are outsourcing functions or services outside of Guernsey and the GFSC Annual Report for 2021 refers to outsourcing within the Risk Outlook for Fiduciary and Investment Licensees.
Whether you are outsourcing to external 3rd parties or internally within a group structure, the regulatory requirements are the same and the regulated entity remains fully responsible and accountable on the same basis as if the function or service is undertaken in-house.
All regulated entities should ensure that they have considered the Principles on Outsourcing and be able to demonstrate the required level of continual oversight.
----------------------------------------------------
Cathy Lloyd, a Director of Advisory Services is hosting a session at the GTA on 18 July with practical guidance on how you can manage your outsourcing risks. Cathy has direct experience given her previous roles as the Compliance Officer within the banking, fiduciary and investment sector.
Book a place on Cathy's session HERE