What do you think about the issue presented?

—“Financial institutions in the race to reduce their costs and improve profits can resort to many options like organisational, marketing and product innovations and also by streamlining key business processes. Focusing on the core ingredients of business while outsourcing secondary functions to external providers become reality for many financial institutions including those located in Luxembourg. Making outsourcing arrangements more straightforward for both financial institutions and PSF represents an important step towards making Luxembourg financial place more agile, innovative and resilient.

What do you expect from this event?

“I expect an interesting and insightful discussion on the new CSSF circular on outsourcing arrangements and the way it could impact financial services sector in Luxembourg. More specifically I expect to exchange on the way of how cloud computing outsourcing can be seen as a driver for digitalisation of the banking sector in Luxembourg, and how PSFs and financial institutions can reap the benefits of the new circular.

What are the best practices for outsourcing a PFS?

“For financial institutions, the key here is to stay compliant as the circular was designed to provide all parties in the outsourcing arrangements with necessary means to ensure reliable, secure and efficient outsourcing. New circular that transposes EBA guidelines on outsourcing arrangements, first of all, will obviously have to be learnt and understood by all market actors in Luxembourg. Its direct application by financial institutions and PSFs will contribute to the accumulation of market practices. Besides being in contact with the CSSF to convey the voice of the industry, ABBL’s role is also to explain the circular to its members and to facilitate sharing of best market practice and lessons learnt among its members that would in turn benefit the whole ecosystem in Luxembourg.”

Register for the "Breakfast Talk – Support PFS: New Outsourcing Rules”: