Outsourcing – Banks and Insurers: complying with FINMA requirements

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Revised circular on outsourcing published

On 6 December 2016, the Swiss Financial Market Supervisory Authority (FINMA) published a revised version of the circular (FINMA circ.) 2008/7 “Outsourcing Banks” under the new name 2017/xx “Outsourcing – Banks and Insurers”. This is subject to a hearing lasting until 31 January 2017. It is scheduled to enter into force on 1 July 2017 and applies to all banks, financial groups, securities dealers and now also to insurers, regardless of their size or supervision category.

Significant changes concern internal outsourcing, outsourcing abroad and embedding in the Data Protection Act. For explanations relating to individual areas, please consult the link.

Read also our Insurance Hot Topic Flyer here.

Published by

Felipe Koller

Felipe Koller

Felipe Koller
Senior Manager Risk Assurance Financial Services
PwC Assurance
+41 58 792 25 14

Felipe is Senior Manager at PricewaterhouseCoopers AG (PwC) and has been working as IT risk consultant and regulatory auditor within the financial services industry since 2008. Before he led internal IT projects and process improvement initiatives. Prior to PwC, he worked at a major Swiss financial institution. He is CGEIT, CRISC, CISA and PMP certified.