Due diligence checklist, United Kingdom
PRA SS1/21 and FCA SYSC 15A: what to ask a vendor
Operational resilience: impact tolerances for important business services. PRA and FCA. The third parties behind each important business service are mapped and kept within tolerance.
What it is
The third parties behind each important business service are mapped and kept within tolerance.
Who it applies to
Applies to every financial institution in the United Kingdom.
What to ask a vendor, and the evidence to request
| # | Ask the vendor for | Evidence to request |
|---|---|---|
| 1 | Recovery objectives that fit the institution's impact tolerances | The business continuity and disaster recovery plans for the service, the stated recovery time and recovery point objectives, and the report from the last test with its date and outcome. |
| 2 | Participation in scenario testing of important business services | A description of the scenario tests and exercises the vendor takes part in, with the last report and how the institution would be included. |
| 3 | Incident notification within agreed times | The incident notification clause and procedure: what counts as an incident, who is told, within what time, and a record of a past notification if one exists. |
In every case
- A named contact at the vendor responsible for this regime, and how the vendor tracks changes to it.
- Which named customers the vendor already serves under this regime, as references you may call.
This checklist is a starting point for a procurement team, not legal advice. Read it with the regulator's own page, your institution's policies and your legal and risk teams; the regime may have changed since the date on this document.
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