114. Financial entities should have a documented exit strategy when services supporting critical or …

Financial entities should have a documented exit strategy when services supporting critical or important functions are provided by TPSPs, which is in line with their strategy on third-party risk management and business continuity plans (⁵⁸ ), taking into account at least the possibility of:

• a. the termination of third-party arrangements;
• b. the failure of the TPSP;
• c. the concentration risk at entity level and the possibility of difficult exit from such arrangements;
• d. the deterioration of the quality of the function provided and actual or potential business disruptions caused by the inappropriate or failed provision of the function;
• e. material risks arising for the appropriate and continuous performance of the function;
• f. a significant breach by the TPSP of applicable laws, regulations, or contractual terms.

⁵⁸ Institutions, in line with Title VI of the EBA Guidelines on internal governance, should have appropriate business continuity plans in place with regard to the provision of critical or important functions by third-party service providers.

1. Prezentare generală

1.1 Referințe

1.2 Cerințe identificate

1.3 Standarde asociate

2. Cerințe identificate

3. Standarde asociate

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