Season 4: Episode 3 - Outsourcing Part 1

The Compliance Files

In this week’s episode of the Compliance Files Podcast Series, host Kathy Jacobs, former President of Compliance Institute speaks with Seán O’Driscoll, Associate Director, Risk Management and Internal Audit, Financial Services Advisory at Grant Thornton Ireland on the topic of Outsourcing and its associated risks.

In this episode, Seán defines what outsourcing is and how does it differs from other third party relationships. Seán also takes us through the typical lifecycle of an outsourcing arrangement and the various regulator’s evolving concerns and responses. Seán outlines the current regulatory framework for outsourcing including the Central Bank of Ireland's expectations. Seán describes the key risks that outsourcing presents and advises how important risk assessments are in managing outsourcing risk and the main challenges in managing outsourcing risk. Seán provides an insight into is the role of the Board in outsourcing and what developments to look out for in the short to medium term in outsourcing and describes the main themes and takeaways for Compliance Professionals overseeing outsourcing regulatory risk in their firm.