Performing outsourcer due diligence

Click WORKBENCH and then click DATASETS.

Then click SM&CR.

Then choose Senior Managers Regime.

Then click on Outsourcing.

Then select Outsourcer due diligence.

A list of all third party providers for which you have recorded due diligence checks will appear.

To amend an existing record - click on the supplier you'd like to amend, and in the pop-up window that appears, select EDIT. Then edit the data as needed. You can follow on from step 9 below as a guide.

To add a new due diligence record, click the + symbol.

A pop-up window will open.

Select the third party supplier from the dropdown list.

Select whether the provider is a direct contractor or sub-contractor if known.

Choose whether or not this third party is an Affiliate.

Provide the Legal Entity Identifier if known.

Type in the location of the third party's business premises (for the purposes of identifying jurisdiction).

If the third party has a parent company present in Corterum, select that company from the dropdown list.

In the box, type in the 'functions to be performed'.

Select whether the functions performed require regulator authorisation.

And then select from the dropdown list to confirm if the third party is authorised by the regulator to perform that function.

You then have a free set box to record the details around the chosen third parties' suitability to perform that function.

There is then space to record the date of the last risk assessment performed, and when the next one is due.

There is then a space to record on a linked table the details of any risk assessment you have performed. If you need to add a risk assessment - here's how.

You then need to identify an 'Accountable Executive' - someone in your firm who manages - and is responsible for - the outsourced relationship. Choose a member of your staff from the dropdown list.

You'll then need to provide contact details for the third party.

Finally - if you need to upload any supporting or relevant documents, click on the 'documents attached' button.

Click SAVE, and then CLOSE.