The guidance document looks at each step in the lifecycle of the third party engagement, from supplier selection and due diligence, classification to support supplier management approach, governance and assurance through to exit. This helps pinpoint key areas of focus, and potential risks that financial institutions should consider in order to maintain effective relationships. In addition, the guidance makes reference to Supervisory Statement SS2/21 on third party risk management, and the Operational Resilience requirements of both the PRA and the FCA. To support this, the guidance document includes proposed metrics, which provide valuable insight into supplier performance and can be a useful tool to help inform decision making. 

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