Money Marketing: Outsourcing doesn’t outsource accountability

Why third-party oversight matters now

Recently featured in Money Marketing, Joe Norburn, CEO at TCC Group, examined how growing reliance on third-party providers is attracting increased regulatory attention. As firms turn to external partners for compliance support, remediation programmes, customer servicing and specialist project work, regulators are placing greater emphasis on understanding and managing the risks these arrangements can create.

The issue: outsourcing does not remove accountability

The article highlights the UK’s new Critical Third Parties (CTP) regime and explains why firms should look beyond technology providers when assessing operational resilience. While third parties can provide valuable expertise and flexibility, there is a risk that suppliers become embedded within critical business processes over time, creating dependencies that may only become apparent when service disruptions occur. 

Importantly, outsourcing activities does not remove responsibility. Firms remain accountable for customer outcomes, regulatory compliance and the delivery of regulated services, regardless of who carries out the work.  

Read the full article for Joe’s insights on managing third-party dependencies and maintaining effective oversight.