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Iosco consults on updated outsourcing principles

Iosco consults on updated outsourcing principles

The International Organization of Securities Commissions (Iosco) is looking for feedback on planned changes to its principles on outsourcing to service providers.

Iosco has put together seven principles covering the following issues:

  • Due diligence in the selection and monitoring of a service provider
  • The contract with a service provider
  • Information security, business resilience, continuity and disaster recovery
  • Confidentiality issues
  • Concentration of outsourcing arrangements
  • Access to data, premises, personnel and associated rights of inspection
  • Termination of outsourcing arrangements

With firms focusing on their response to the Covid-19 pandemic, Iosco is offering a longer consultation period than normal, requesting feedback by 1 October.

Among the questions being asked is one of increased relevance at this time: "What measures for business continuity would be effective in situations where all, or a significant portion, of both the outsourcers’ and third-party providers’ work force is working remotely? In particular, what steps should be taken so Cyber Security and Operational Resilience can be ensured?"

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