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.
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.
Getting an overview of the many different outsourcing processes
Establishing operational risk as a business enabler rather than a necessary burden