115. Financial entities should ensure that they are able to exit third-party arrangements …

Financial entities should ensure that they are able to exit third-party arrangements supporting critical or important functions performed by TPSPs without undue disruption to their business activities, without limiting their compliance with regulatory requirements and without any detriment to the continuity and quality of their provision of services to clients. To achieve this, they should:

• a. develop and implement exit plans that are realistic, feasible, and based on plausible scenarios and reasonable assumptions. Exit plans should be comprehensive, documented, and, where appropriate, sufficiently tested (e.g. by carrying out an analysis of the potential costs, impacts, resources, and timing implications of transferring a service performed by a TPSP to an alternative provider); and
• b. identify alternative solutions and develop transition plans to enable the financial entity to remove functions provided by TPSPs and data from the TPSP and transfer them to alternative TPSPs or back to the financial entity, or to take other measures that ensure the continuous provision of the critical or important function or business activity in a controlled and sufficiently tested manner, taking into account the challenges that may arise because of the location of data and taking the necessary measures to ensure business continuity during the transition phase.

1. Panoramica

1.1 Riferimenti

1.2 Requisiti identificati

1.3 Standard correlati

2. Requisiti identificati

3. Standard correlati

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