Vendors Feel Heat as Regulators Pile Pressure on Third-Party Resiliency
UK regulators have proposed new laws to clamp down on operational resilience and third-party risk, pushing fintechs to put some skin in the game.
Third-party providers could get a taste of what it’s like to be as heavily regulated as their clients, under newly proposed rules in the UK covering operational resilience and outsourcing that are intended to zero in on third- and fourth-party risk.
The new laws will require fintech firms to scrutinize their control frameworks for dealing with system failures—which includes mapping out systems, identifying important business services, and establishing impact tolerance.
Vendors will have to
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