Recital 4 Systemic impact assessments

To determine the systemic impact of the ICT third-party service providermeans an undertaking providing ICT services; on the stability, continuity or quality of the provision of financial services it is of paramount importance to develop a clear view on the extent and nature of systemic impact which a large-scale operational failure of an ICT third-party service providermeans an undertaking providing ICT services; would have on financial entities, which rely on services provided by an ICT third-party service providermeans an undertaking providing ICT services;, and on the financial system. Therefore, it is appropriate to consider the number of financial entities of a specific category of financial entities using the same ICT servicesmeans digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services;, as well as the value of their assets to assess whether it is relevant to consider the ICT third-party service providermeans an undertaking providing ICT services; offering those ICT servicesmeans digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services; as critical. Furthermore, a qualitative assessment of the systemic importance and interconnectedness of ICT third-party service providersmeans an undertaking providing ICT services;, as well as the importance of the services provided by an ICT third-party provider on financial entities’ provision of financial services taking into account the stability and the continuity of the services should be carried out to determine the systemic impact of the ICT third-party service providermeans an undertaking providing ICT services; on the activities of financial entities.