Does your organization offer IT outsourcing in banking and finance? Then you are probably aware of the requirements that Finansinspektionen places on suppliers' organization, business model and customer agreements. We can help your organization with everything from creating a policy for outsourcing to being involved in negotiating a customer agreement adapted to the banking and finance industry.
Finansinspektionen's position is that they see no fundamental obstacle to the institutions (purchasers) using cloud services. However, Finansinspektionen places extra demands on them to follow the EBA's guidelines for outsourcing before entering into a cloud service agreement with the client. This poses some problems for the delivery of cloud services that cannot always guarantee audits of subcontractors and partners. These deviations are handled through balanced negotiation between the parties.
Since September 30, 2019, the European Banking Authority's rules on IT outsourcing in banking and finance, among other things, the European Banking Authority apply. IT services and cloud agreements for the Swedish market. All agreements with external suppliers of IT services must comply with these requirements, in order for banking and finance, as well as the insurance company, to be allowed to run their business. The arrangement is followed up by the Swedish Financial Supervisory Authority on a regular basis, which issues decisions on a change of supplier or fines (up to 10% of turnover) if deficiencies are found.
In short, there are requirements for:
Ensure that your IT services for banks and financial institutions comply with the European Banking Board's rules on outsourcing and take advantage of developed best practices.
Get support from our experts to further develop your organization's processes and agreements so that it is adapted to your organization and resources. We offer support to companies that need to develop something from scratch as well as those who want to quality check existing data. Let us discuss what your needs are and what extent of our support is relevant to you.
We offer fixed-price projects if we can predict the complexity and scope of the work. Price example - For a sanity check of existing material incl. IT service agreement with a Partner meeting, we offer fixed fees from 15 kSEK (excl. VAT).
