The Prudential Regulatory Authority (PRA) has recently spotlighted its definitive Policy (PS7/21) and Supervisory Statement (SS2/21) to navigate the risks stemming from third-party vendors to the UK's financial entities. Today, we demystify the implications of these guidelines for the financial sector.
For those aligned with our series, crafting stressed exit plans for vital software in accordance with PRA regulations is no novelty. Yet, having a plan is merely the starting point. The genuine challenge lies in authenticating these strategies to guarantee uninterrupted business operations when they are called to action.
In this article, we illuminate the meticulous methodologies SES employs to authenticate stressed exit plans and the optimal verification avenues designed for your enterprise's unique requirements.
While our Basic Deposit Report (BDR) ensures that source code and data are present and accessible, the essence of our validation efforts lies in our advanced offerings.
For businesses emphasising a seamless transition plan that collaborates with an alternate third-party software vendor, our Remote Code Validation (RCV) becomes indispensable. This process is meticulously executed remotely, in tandem with the Developer, to affirm the software's construction and its expected functionality. It's not just about having the code; it's about confirming its operability and continuity, aligning with business expectations.
Imagine the unfortunate eventuality: a pivotal software provider encounters unforeseen challenges. For SaaS or cloud subscribers, this could manifest as an abrupt system and data blackout. With a proactive stance, you've secured a Software Escrow Agreement. But post-retrieving the contract and paperwork formalities, the path ahead may be murky.
Standard Escrow Agreements often entail a release duration, primarily as a safeguard, which can range from a week to an entire month. A prolonged hiatus from your mission-critical systems could spell catastrophe - interrupted orders, halted services, and unmet client promises. The aftermath? Potential regulatory sanctions, fiscal deficits, and tarnished brand image.
This is where our Software Escrow Continuity 365 (C365) stands out. Engineered for agility, C365 guarantees the most expedited recovery in the Escrow industry. Our interim release service pledges operational resumption on the very day your paperwork is processed. But the innovation doesn't end there. With our managed recovery service, every aspect of the recovery journey is orchestrated by SES, ensuring peace of mind. No frantic vendor searches, IT team distress, or unbudgeted costs. SES's expertise guarantees that your business remains resilient and robust, with minimal downtime. Because in today’s digital age, time is of the essence.
For more information, please contact our Software Escrow specialist Tom Wheeler via email to [email protected]