The European Banking Authority (EBA) published today its revised Guidelines on outsourcing arrangements setting out specific provisions for the governance frameworks of all financial institutions within the scope of the EBA's mandate with regard to their outsourcing arrangements and related supervisory expectations and processes. The aim of the Guidelines is to establish a more harmonised framework for these financial institutions, namely credit institutions and investment firms subject to the Capital Requirements Directive (CRD), as well as payment and electronic money institutions. The recommendation on outsourcing to cloud service providers, published in December 2017, has also been integrated into the Guidelines.
In the context of digitalisation and given the increasing importance of new financial technology (Fintech) providers, financial institutions are adapting their business models to embrace such innovations. Some have intensified the use of Fintech solutions and have launched
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