Our way to a successful transition
Key changes at a glance
- Introduced principle of proportionality
- Extended scope to all supervised entities
- Assessment of critical and important functions
- Outsourcing authorization has been dropped, prior notification is sufficient
- Requirements for a formal register, a policy and a dedicated outsourcing function
The circular is part of the European convergence in financial supervision. In February 2019, the European Banking Authority (EBA), had issued its recommendations on outsourcing arrangements (EBA/GL/2019/02).
The CSSF highlighted during the webinar that the current circular has been amended to include further guidance and to take into account national specifics, and that it should not be regarded separately, but rather in correlation with other guidelines.
Those who correctly evaluate and use their data know their customers better, anticipate needs and opportunities for new services and products, and recognize market changes and risks in time.
insurance companies must be much more consistent in their focus on customer needs and keep pace with agile competition. Hence, it is important to realize your growth potential in this challenging environment and transform yourself into an integrated financial services provider using today's technology.
We have compiled reports on our projects, interesting facts from the various competence and customer areas as well as information about our company for you here.