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    BoE to Announce Results of Climate Scenario Exercise on May 24

    The Bank of England (BoE) announced that results of the Climate Biennial Exploratory Scenario (BES) will be published on May 24, 2022 and launched a consultation paper on outsourcing and third-party risk management in Financial Market Infrastructures.

    The consultation sets out proposals in three draft supervisory statements for central counterparties (CCPs), central securities depositaries (CSDs), and recognized payment system operators (RPSOs) & specified service providers (SSPs). These supervisory statements will set out the BoE requirements and expectations in relation to outsourcing and third-party risk management and provide guidance on how BoE intends to assess compliance with the regulatory framework on outsourcing and third-party risk management. The draft supervisory statement apply to all forms of outsourcing and, where indicated, third party arrangements, including examples, references and sections addressing specific issues of particular relevance to cloud outsourcing, such as data security, business continuity and exit planning. By addressing these issues, the draft supervisory statement seeks to provide conditions that can help give assurance to deploy the cloud in a safe and resilient manner in line with the Bank’s response to the ‘Future of Finance’ report. The consultation paper also seeks industry feedback on how systemic concentration risks could be better assessed, monitored, and managed both domestically and internationally. The consultation period will end on July 14, 2022 and the final policy is expected to be published by the second half of 2022.

     

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    Keywords: Europe, UK, Banking, Third-Party Risk, FMI, Outsourcing, Systemic Risk, Climate Change Risk, ESG, Operational Resilience, Regtech, Stress Testing, Scenario Analysis, BoE

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