Following publication of the EBA and PRA guidelines on outsourcing arrangements, one of the largest banking and financial services institutions in the world needed to update all of its critical and important outsourcing agreements to ensure regulatory compliance.
We suggested taking a different approach to remediating the material vs non-material suppliers. Taking different approaches would help us launch and close the project sooner against the regulatory deadline. We scoped out the processes for material vs non-material suppliers and built the relevant templates, playbooks and checklists for each process.
- Non-material suppliers were less critical - this was the bulk of the work. They each received a short template amendment which addressed the critical EBA/PRA outsourcing issues.
- Material suppliers - the agreements were reviewed against a checklist, and each was then issued a bespoke amendment. We used document automation to generate the amendments. These amendments were bespoke because the suppliers were large and critical providers, and were more likely to (a) have extensively negotiated master agreements; and (b) larger relationships with the client’s business, which warranted a tailored approach to their repapering.
- Governance - we worked closely with Procurement and Legal teams to drive process and address ad hoc issues.
Through our approach, we were able to accelerate the project and get all of the amendments issued and negotiated to a close on time, for a fixed price. The process was originally scoped before Radiant came on board to be far more intensive (with a bespoke review and amendment for each supplier). Had this the originally scoped process been followed, the project would have run significantly longer and at a much higher cost.
What Our Client Said
“The trust is there, we have built it up over time through your performance on different projects. You are able to educate us so our projects are as efficient as possible. You come to us and present solutions that we hadn’t thought of, different ways to achieve a good result that we wouldn’t have even considered. I love the flexibility of your approach.”
Legal Project Manager
Have a project coming up?
If you need to review or update your contracts we can help. We are currently delivering projects for various regulatory changes, other high-volume amendments and putting in place new contracts such as intra-group, data processing or local agreements. We can get you a fixed price within 24 hours and get up and running fast. You can read more on our approach here.