Irish Regulatory Update

Author: Clerkin Lynch

Date Published 03/03/2022

Central Bank Outsourcing Guidance Published

The Central Bank published its Cross-Industry Guidance on Outsourcing on 17 December 2021. This was accompanied by a feedback statement in response to the consultation it carried out on the topic earlier in 2021, which explains the rationale for the approach taken.

This Guidance is immediately effective and sets out the Central Bank’s expectations on related matters, including in relation to intra-group outsourcing. It provides for a requirement to have a documented outsourcing policy and to address business continuity and disaster recovery issues. It even specifies certain contractual details it expects to see in relevant outsourcing contracts.