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Why Outsource?

Businesses across different industries, especially financial service providers like banks, insurance companies, or credit institutions, often delegate certain tasks to external service providers. This typically includes IT activities, securities processing, printing and mailing, or workplace and network management. There are various reasons for outsourcing:

Reduced Costs

Outsourcing saves money on software, workspace, administration, and staff training.

Improved Efficiency

Delegating tasks to specialized companies saves time, simplifies hiring, and enhances efficiency.

Greater Flexibility

Outsourcing avoids lengthy training sessions and assigns project-based responsibilities.

Sharper Focus

Access to specialized skills allows companies to concentrate on their core competencies.

Business Continuity

Outsourcing essential tasks to specialists boosts control and ensures operations keep running smoothly.

Enhanced Expertise

Outsourcing firms usually bring valuable experience in managing complex, time-consuming projects.

Regulatory Considerations in Outsourcing Management

When managing outsourcing, especially banks and credit institutions need to take into account various legal aspects. The European Banking Authority (EBA) provides EBA-guidelines, which are detailed in Germany's Supervisory Regulations for IT (BAIT) and the Minimum Requirements for Risk Management (MaRisk). In addition, the EU Regulation on Digital Operational Resilience for the Financial Sector (DORA), effective from January 15, 2025, establishes a comprehensive legal framework that combines, updates, and improves current rules regarding managing risks associated with Information and Communication Technology (ICT). The regulation focuses on four main areas: ICT risk management, handling ICT incidents, assessing ICT security, and monitoring critical ICT service providers.

To determine whether a service outsourced is material or not, it is important to conduct a thorough risk analysis considering... 

  • what needs to be outsourced
  • how complicated it will be to outsource these tasks
  • how outsourcing these tasks will impact the organization
  • whether a potential outsourcing service provider is a good fit
  • where the service(s) will be provided from

Outsourcing Management Essentials and Expectations

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Detailed Risk Analysis
Managing outsourcing requires a careful risk analysis and assessment for both significant and insignificant outsourced tasks.

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Analysis Frequency
For significant outsourcing, risk analyses should be performed annualy, while insignificant outsourcing should be reviewed every three years.

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Centralized Management
For institutions with a high number and complexity of outsourced tasks, setting up a central control hub is particularly recommended.

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Monitoring and Control
It is the primary responsibility of outsourcing institutions to ensure effective monitoring and control of outsourced processes.

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Continuous Adaptation
Given the lack of grandfathering protection, existing outsourcing contracts must be continuously adjusted to new legal regulations.

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Sustainability Requirements
Considering the increasing importance of ESG, institutions should look closely at the environmental and social impacts of their outsourcing decisions.

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The Role of ESG in Outsourcing

Taking into account ESG (Environmental, Social, and Governance) risks in outsourcing management is becoming increasingly important. BaFin, for example, demands that outsourcing institutions strategically analyze these risks and make necessary adjustments to their risk management based on the individual business model. This involves:

  • Developing innovative ways to measure, control, and reduce risks
  • Considering ESG risks when classifying risks
  • Documenting ESG risks for audits in a transparent manner
  • Following the sustainability guidelines set by European initiatives

Outsourcing Management with BIC GRC

Navigating the complexities of outsourcing management can be challenging. However, with BIC GRC, companies can streamline this process and ensure easy and full compliance with due diligence standards and norms.

  • Third party management (selection and administration)

  • Contract management

  • Assessment of outsourcing risks

  • Integration with other BIC GRC risk management systems

  • Central outsourcing register setup

  • Continuity and reintegration planning of activities

  • Control and continuous monitoring of outsourced processes

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All-in-One Solution
  • Centralized management with clear overview
  • Holistic approach for full transparency
  • Continuous improvement process
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Full Compliance
  • Secure data storage for revisions
  • Transparent audit trail for tracking
  • Comprehensive and transparent reporting
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Seamless Integration

BIC GRC proves to be a pivotal tool for us. The transition to an all-encompassing, integrated GRC solution has not only enhanced efficiency but also strengthened our strategic and risk-oriented financial management.

Claudia Maron Head of Strategic Controlling & Risk Management, DATEV

Your Path to Effective Outsourcing

Would you like to receive more information about how BIC GRC can help? Simply fill out the contact form, and we'll get in touch with you soon.

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