100. When carrying out the risk assessment prior to the reliance on third-party entity and during …

When carrying out the risk assessment prior to the reliance on third-party entity and during ongoing monitoring of the third- party entity’s performance, issuer of ARTs should, at least:

• a. identify and classify the relevant functions and related data and systems as regards their sensitivity and criticality and required security measures;
• b. conduct a thorough risk-based analysis of the functions and related data and systems that are being considered for the arrangement and address the potential risks, in particular the operational risks, including subcontracting, legal, ICT, compliance and reputational risks, and the oversight limitations related to the countries where the services are or may be provide;
• c. consider the geographic dependencies and management of related risks. These risks may relate to the economic, financial, political, legal and regulatory environment in the jurisdiction(s) where the relevant service will be.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/