Third Party Risk Management
Aligning Vendor Networks with Evolving Regulatory Standards
Effective 18 March 2027, single FCA, PRA and Bank of England regulatory regimes will come into force for Operational Incident reporting and third party reporting. Lumiel helps structure and validate your third party risk management frameworks to meet the upcoming requirements.
Key requirements and how Lumiel supports your regulatory compliance
Incident Scoping & Definitions
Strategic review and validation of your incident triage protocols, ensuring internal severity frameworks accurately trigger notifications against mandatory consumer harm and market stability thresholds.
Response Timelines & Escalation
We support with structuring your internal response playbooks, ensuring accelerated escalation pathways meet mandatory regulatory submission deadlines seamlessly.
Materiality Classification
Providing expert challenge to review and mature your materiality frameworks, expanding policies to capture all non-outsourcing ICT and SaaS dependencies.
Register & Lifecycle Management
Independent validation of your material third party arrangements, assessing the completeness of data ahead of annual regulatory reporting.
Are your internal response workflows and third-party risk models calibrated for the upcoming single regime in March 2027?
Schedule a Third Party Risk Management ReviewKey Regulatory Sources
PS26/2 Operational Incident and Third Party Reporting
The final joint policy statement establishing a consolidated, single regulatory regime across the FCA, PRA, and Bank of England for financial sector reporting.
FCA Finalised GuidanceFG26/3 Operational Incident Reporting
Guidance on the single incident definition, evaluation thresholds and standard versus enhanced scope reporting requirements.
FCA Finalised GuidanceFG26/4 Material Third Party Reporting
Guidance detailing the updated case-by-case materiality assessment criteria, notification templates and annual third-party reporting register frameworks.