Editorial

Unlocking Strategic Insights: Key Messaging from the Critical Third Parties (CTP) Regime

On March 21, 2024, HM Treasury (HMT) introduced a Policy Paper outlining its strategy for designating Critical Third Parties (CTPs) in the UK's financial services sector. This initiative addresses concerns about the sector's growing reliance on external third parties, which poses risks to systemic stability.

Contributor

Liliana joined Delta Capita in September 2021. She is a highly motivated; multilingual operations professional with a broad range of knowledge and experience within the Financial Services industry.

Liliana Hillebrand-Measures
Principal Consultant

The UK financial sector is intricate, with firms and financial market infrastructure firms (FMIs) increasingly depending on third-party services like cloud computing and data analytics for operational support. These technological services offer various advantages, including facilitating digital transformation, driving innovation, and enhancing operational resilience.

The implementation of the Financial Services and Markets Act 2023 (FSMA 2023) grants the HM Treasury (HMT) the authority to designate Critical Technology Providers, while regulatory bodies like the Bank of England are empowered to enforce associated regulations.

The designation process will involve a rigorous assessment based on specified criteria, with HMT having discretion in decision-making. Communication of designations and de-designations will be transparent, with HMT maintaining a public list of designated CTPs for ongoing monitoring of systemic risks.
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The Delta Capita team provides a comprehensive range of services encompassing the complete Critical Third Parties review process and the creation of the eagerly awaited CTP register. We are well positioned to leverage our extensive expertise in Operational Resilience & DORA to ensure thorough and effective analysis.  

Additionally, Delta Capita conducts quality assurance assessments and compares against industry standards to guarantee that your organisation's frameworks meet regulatory requirements, and our seasoned Risk & Regulatory experts offer remediation support where needed.  

With technology partnerships, skilled industry SMEs, and strong project and program delivery capabilities, Delta Capita is well-positioned to assist throughout the entire lifecycle of the Critical Third Parties regime, delivering regulatory compliance and project management excellence.

To learn more about our range of Risk & Regulatory services, please contact:

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Editorial

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