Signing an outsourcing agreement is just the beginning - the FCA's February 2025 portfolio letter changes everything about delegation oversight.In this critical episode of GRC in Focus, host Asad Bukhory delivers a wake-up call to investment firms treating delegation as abdication. With the FCA's February 2025 portfolio letter identifying systematic deficiencies across £3 trillion in private assets, the message is clear: delegation oversight failures can destroy your fund, your reputation, and your regulatory standing. Asad exposes the "liability funnel" - regardless of delegation chains. He breaks down why traditional due diligence creates "oversight asymmetries" and explains why the convergence of new regulations - Consumer Duty, anti-greenwashing rules, operational resilience requirements, and DORA - demands sophisticated, integrated oversight frameworks. From NAV calculation governance to ESG substantiation, from cyber resilience to cross-border enforcement challenges, this episode provides the practical roadmap for building delegation oversight that actually works. Essential listening for ACDs, AIFMs, MiFID firms, and anyone who believes their job ends when the outsourcing contract is signed.