Regulatory compliance means following the rules and standards set by government authorities about how organizations manage their software, IT services, and IT outsourcing relationships. For businesses relying on outsourced software and third-party IT services, these regulations require you to prove you can keep operating even if your software vendors face problems.
Financial regulators worldwide are increasing their focus on IT outsourcing and how businesses manage their software relationships. They want to see clear plans, regular testing, and documented evidence that you can access and maintain critical software if vendors stop supporting it.
At Escode, we help organizations meet these IT outsourcing compliance requirements through software escrow agreements and software escrow verification solutions. We provide the evidence regulators need while ensuring you maintain control of your business-critical software.
“Escode's continual support gives us confidence in the resilience of our solutions and ensures we have robust compliance processes in place”.
Omer Ahmed Khan
Avanza Solutions
Protect your company's reputation by meeting regulatory standards
Avoid legal penalties and financial risks from non-compliance
Keep your business running when vendors face problems
Build stronger relationships with your software providers
Stay ahead of competitors in regulated markets
Address risks before they become problems
Make audits simpler with clear documentation
Deliver better regulatory reports
Regulators require proof that you can keep operating if your software vendors face problems. This means having detailed plans showing how you'll maintain critical software during disruptions. Software escrow provides this evidence through verified copies of source code, documentation, and build instructions. Regular testing proves to regulators that your plans actually work.
Learn About Continuity Planning
Organizations must regularly check their IT outsourcing vendors for potential risks, from financial stability to service quality. This ongoing process helps identify problems before they affect your business. Software escrow supports your risk assessments by providing a safety net. Even if vendors face challenges, you maintain access to essential software components.
Regulators want to see clear plans for handling vendor transitions or contract endings. You need to prove you can maintain services even when changing vendors. Software escrow ensures smooth transitions by securing your access to software assets and documentation, making vendor changes more manageable.
Regular audits check if you're following industry regulations like PRA, FFIEC, and DORA. Auditors want to see evidence that you're protecting your critical software assets. Software escrow provides documented proof of your compliance efforts, making audits more straightforward and successful.
Organizations need clear internal procedures for handling software vendor risks. This includes making sure everyone knows what to do if problems occur. Software escrow verification provides tested plans that your team can follow, ensuring everyone knows their role during vendor issues.
Non-compliance can lead to heavy fines, especially in finance and healthcare. Organizations need to show they're actively managing their software risks. Software escrow helps avoid these costs by demonstrating your commitment to compliance, protecting you from regulatory penalties.
Protect against compliance penalties
Explore regulatory compliance requirements from the FFIEC, Federal Reserve, OCC, and FINRA regarding outsourcing critical IT services.
Download nowlearn how Software Escrow enables compliance with PRA SS2/21 outsourcing & third-party risk management compliance requirements.
Download nowExplore regulatory compliance requirements from DORA, EBA, PRA, BaFin, and FINMA regarding outsourcing critical IT services.
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Secure your access to critical software while meeting regulatory requirements for business continuity. Learn more.
Validate your escrow materials and test your business continuity plans to satisfy regulatory requirements. Learn more.
Meet security requirements by identifying vulnerabilities in third-party software. Learn more.
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