The significance of outsourcing management for financial services organizations
Financial services organizations can outsource processes and systems, but still have full responsibility for the risks resulting from their operations. As a result, these organizations must proactively enforce compliance with the respective banking regulations throughout their entire chain of suppliers in outsourcing scenarios.
How does systematic outsourcing management add value?
Established outsourcing management processes help companies achieve the objectives that drive their success. A standardized approach to evaluating and categorizing all suppliers and contractors is very helpful in this regard since all critical outsourced sources are subsequently identified. A professional outsourcing process manages all significant risks related to outsourcing including: regulatory risks, legal and contract risks, quality risks, operational and process risks, reputational risks, and business continuity risks.
What is important to keep in mind for outsourcing management?
Organizations should take relevant internal and external factors into consideration at an early stage of the implementation to ensure its success by:
Gaining insight on the risks stemming from many different outsourcing processes and establishing adequate reporting processes
Ensuring that all outsourced processes are evaluated appropriately and monitored continually
Getting an overview of the many different outsourcing processes
Establishing operational risk as a business enabler rather than a necessary burden
What are the advantages of an outsourcing management software solution?
Our outsourcing management software BIC enables you to build a future-proof, efficient management system and offers the following advantages in outsourcing:
- Work effectively with internal and external process contributors in a structured, workflow-driven approach.
- Identify and classify outsourcing risks in a standardized approach to enforce consistent quality throughout the process.
- Use the vast capabilities to customize the type and design of outsourcing risk reports.
- Boost overall efficiency by integrating all kinds of inquiries and questionnaires from suppliers or third parties in one combined assessment process.
- Integrate the results of outsourcing management completely in risk reporting.
Which BIC solution is right for me?
Whether you prefer a custom designed or pre-built solution, GBTEC offers the right software for your requests. Convince yourself and build an efficient outsourcing management system that will accompany you safely into the future.
Value-based governance, risk and compliance management for your company's success
A professional GRC strategy builds the foundation for successful business management. BIC supports you with a unique combination of the latest technology, an intuitive user interface and fast implementation. That makes working with the BIC GRC Solutions so easy - in all GRC areas.
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