UK Bank of England's Prudential Regulatory Authority (UK PRA)

The Prudential Regulation Authority (PRA) has the critical role of overseeing the prudential supervision of approximately 1,500 financial institutions, which encompass banks, insurance companies, building societies, credit unions, and specific large investment firms. As a prudential regulator, the PRA's primary objective is to ensure the financial stability and soundness of the firms it supervises.

In December 2019, the PRA released a consultation paper, CP30/19 Outsourcing and third-party risk management, which considered the EBA Guidelines on outsourcing arrangements and the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines on outsourcing to cloud service providers. In March 2021, the PRA published a policy statement, PS7/21 Outsourcing and third-party risk management, which incorporates feedback from the responses to CP30/19 and includes the PRA's final Supervisory Statement, SS2/21 Outsourcing and third-party risk management.

Our UKPRA outsourcing guidance offers specific mappings to each requirement and how Atlassian Cloud Enterprise assists you in meeting your obligations, including information on audit rights, the right to issue instructions, data security, termination, and chain outsourcing. To learn more about our commitment to safeguard customer data, visit our Security Practices page.

For more information, contact us.