Recital 11 Notification of changes and right to terminate

To enable financial entities to assess the risks associated with subcontracting arrangements or material changes thereto, ICT third-party service providersmeans an undertaking providing ICT services; should inform the financial entities to which they provide 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; of all such new arrangements or changes well before such arrangements or changes start to apply. For the same reason, financial entities should have the right to terminate the contract with the ICT third-party service providermeans an undertaking providing ICT services; where the outcome of their risk assessment shows that the new arrangements or material changes carry a level of risk that exceed their risk tolerance.