Management of risks from relationships with service providers for core services (SPCS)
On the same day, CFTC issued confirmation of receipt of the self-certification by ICE ICC, confirming that it had begun its 10 Day Review of all the materials as submitted.
Proposed Rulemaking
New Section II.B. regarding management of risks related to relationships with SPCS.
Senior management required to document and monitor risks re SPCS agreement.
New Section II.B includes a description of how ICC will identify and manage its SPCS using two-pronged assessment approach between internal/external service providers.
In addition, revises and replaces the former Vendor assessment processes in Section II.B. with updated Section II.C. External service provider assessments processes.
Clarifications to Introduction section of the ORMF to provide uniform abbreviations.
Revises Operational risk lifecycle chart to ensure that it accurately reflects life cycle.
Clarifying amendments to Section II. Operational risk focus, Section II.A. Business continuity planning and disaster recovery, Section II.F. Technology control functions.
Amend Appendix 1 to include the titles of the relevant regulatory requirements while removing the summaries of such regulations and revises the Revision History section.
Formalizes non-material updates which were reviewed and approved in 2021 - 2023.
Confidential treatment requested regarding redline of proposed amendments to ORMF.
Effectiveness
To implement the changes no sooner than the tenth business day following the filing.
