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European regulators have increased their focus on the management of outsourcing-related risks in recent years. In 2019, the EBA published guidelines on outsourcing arrangements. Therein, it defined the outsourcing risk as “the risk that engaging a third party to provide services may adversely impact an institution’s performance and risk management.”[91] Also, in 2019, the PRA published a consultation paper on outsourcing and third-party risk management.[92]

In the US, the FED states that

“some risks are inherent to the outsourced activity itself, whereas others are introduced with the involvement of a service provider. If not managed effectively, the use of service providers may expose financial institutions to risks that can result in regulatory action, financial loss, litigation, and loss of reputation.”[93]

The FDIC published guidelines on the management of third-party risk.[94]

In Asia-Pacific, the APRA has published a prudential standard on outsourcing arrangements, however, without an explicit definition of outsourcing risk.[95] The MAS published guidelines on outsourcing in 2016.[96]