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PRA Policy Statement on Outsourcing and Third Party Risk Management

15 April 2021


UK Finance is delighted that Orlando Fernandez and Lizzie Gilbert from the PRA will join us to discuss and take questions from members on their recently published Policy Statement and final Supervisory Statement on outsourcing and third party risk management.

Lizzie Gilbert is a Senior Associate in the Governance, Remuneration & Controls team in the Bank of England’s Prudential Policy Directorate. She co-authored the final policy on Outsourcing and third-party risk management and represents the PRA at the IAIS task force on operational resilience.

Orlando Fernández is a Senior Technical Specialist in the Governance, Remuneration & Controls team in the Bank of England’s Prudential Policy Directorate. Orlando joined the (at the time) FSA in 2011.

Over the past two years, he has been leading the PRA’s policy on outsourcing and third-party risk management, with a focus on technologies such as cloud. Orlando was one of the authors of the PRA’s recently published final policy on ‘Outsourcing and third-party risk management’. He also represented the Bank of England at the EBA group that produced the 2019 Guidelines on Outsourcing and contributed to the FSB’s discussion paper on regulatory and supervisory issues related to outsourcing and third-party relationships that was published in Nov 2020. In addition to his focus on outsourcing and third-party risk management, Orlando led the development of the PRA’s policy on the Senior Managers and Certification Regime (SM&CR).