110. Following a risk-based approach, financial entities should monitor the performance of the …

Following a risk-based approach, financial entities should monitor the performance of the TPSPs providing services with regard to third-party arrangements and monitor on an ongoing basis the third-party arrangements supporting critical or important functions consistently with paragraph 112. Financial entities should regularly update their risk assessment in accordance with Section 11.2 and should periodically report to the management body on the risks identified in respect of the third-party arrangements supporting critical or important functions. Where the risk, nature or scale of a function has materially changed, financial entities should reassess the criticality or importance of that function in line with Section 4.

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