Prudential Regulation Authority SS2/21 Compliance Checklist
Summary
PRA SS2/21 stipulates that in scope firms will need to maintain an up-to-date register of outsourcing relationships, distinguishing between those that are material (or high risk) and those that are not. For material (or high risk) outsourcing your due diligence process should address: • Whether the software provider has the ability, capacity, resources, organizational structure and authorization to reliably deliver the service. This will ensure any future applications you add to your software estate have a demonstrably working stressed exit plan in place as soon as they are procured, rather than at go live. Head of Product & Solution Architecture, Jamie Mackay, explains how Software Escrow can be used to meet PRA SS2/21 requirements. Continually review and revise your due diligence activities, procurement policies as well as both material and non-material applications as the business, and any third-party relationships, evolve.