PRA SS2/21 – Outsourcing and Third Party Risk Management Training Course

As the risk inherent to business relationships grow, regulators have been drafting and implementing outsourcing and third-party risk management rules and guidance. 

Our PRA Outsourcing & Third Party Risk Management (SS2/21) course provides insight into outsourcing and third-party risk management rules and procedures firms must comply with.

Start a Free Trial

Chevron Skillcast chevron graphic
Outsourcing and Third Party Risk Management Training Course

About this Course

Our Breathing Space Regulations Course outlines the basis of these regulations, explains how to identify debtors who qualify for breathing space, and the required actions.  Available as part of our comprehensive FCA Compliance Library, which contains training modules covering everything from high-level and conduct of business standards to thematic topics.

Learning Objectives

This course will prepare you to:

  • Understand how regulators define outsourcing and third parties
  • Define material outsourcing and third-party relationships, and recognise the scope of their impact on business operations
  • Draft outsourcing policies in line with regulatory expectations
    Conduct due diligence on all third parties
  • Understand how to develop business continuity and operational resilience when working with third parties
  • Identify your regulatory responsibilities in relation to outsourcing and third-party risk management

Course Outline


Why do we need outsourcing and third-party risk management?

How does the PRA define a third party?

How does the PRA define outsourcing?

- Outsourcing versus non-outsourcing relationships

Proportionality and materiality

- You decide: Proportionality and materiality

Intragroup outsourcing

- Determining control and influence

Limitation on outsourcing arrangements

The Shared Responsibility Model of Governance

Outsourcing policies

- You decide: Outsourcing policies
- What elements should a firm's outsourcing policy contain?
- Outsourcing register

Defining material outsourcing and third-party relationships

- You decode: Material outsourcing relationships
- When should a firm perform a materiality assessment?
- What automatically makes an outsourcing relationship a material one?

Notifying the PRA about a material outsourcing relationship

Conducting due diligence for outsourcing relationships

- Conducting risk assessments on third-party relationships
- Assessing the overall portfolio of outsourcing providers and third parties

Concentration risk and vendor lock-in

- You decide: Concentration risk or vendor lock-in risk

Contract elements for material outsourcing arrangements

Data in the context of outsourcing and third-party relationships

- Applying data regulations to outsourcing and third-party relationships
- Exercise: Data in outsourcing relationships
- Data security in outsourcing and third-party relationships

Access and audit rights for outsourcing agreements

- Exercising the right to audit an outsourced provider
-You decide: Access and audit rights

How does the PRA define sub-outsourcing?

- Sub-outsourcing arrangements
- You decide: Sub-outsourcing

Stressed exits

Developing business continuity plans

- Testing business continuity plans
- Allocating responsibility for business continuity and exit plans

Maintaining business continuity plans

- You decide: Business continuity plans




Course Specifications

This course is designed to  for all staff members.



Approximately 60 minutes followed by a 10-question assessment.



Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.



SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via client style sheet.

Fast track

Fast Track Option

Ability to offer optional test-out, whereby users can choose to skip the course content and complete the learning assignment by simply passing the assessment.



All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.



Fully customisable on Skillcast Portal CMS.



Pre-translated versions not available, but all text content can be exported for translation into all languages.



Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.

quote mark top quote mark bottom

We, as a firm, are very satisfied with the Skillcast training platform, its course design and its content. The online tools and guidance provided by the platform are super easy, enabling anyone to incorporate their own designed training modules with the help of course editor options.

Trusted Customer, Feefo Review

FCA Course Library

Our FCA Course library of over 60 training modules covers everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.

Start a Free Trial

Chevron Skillcast chevron graphic
FCA Course Library