Outsourcing Management
Financial services organizations can outsource processes and systems, but maintain full responsibility for the risks resulting from their operations. As a result, these organizations must proactively enforce compliance with the banking regulations throughout their entire chain of suppliers in outsourcing scenarios.
Objectives
An established outsourcing risk management process helps companies achieve the objectives that drive success.
Achieve standardization
Implement a standardized approach to evaluate and categorize all suppliers/contractors.
Define critical outsourcing
Identify outsourcing that is critical for the organization.
Implement risk management
Detect and manage all significant risks related to outsourcing including: regulatory risks and requirements, legal and contract risks, quality risks, operational and process risks, reputational risks, and business continuity risks.
Challenges
- Gaining insight on the risks stemming from many different outsourcing processes and establishing adequate reporting processes.
- Getting an overview of the various outsourcing processes.
- Ensuring that all outsourced processes are assessed appropriately and monitored continually.
- Establishing outsourcing management as a business enabler rather than a necessary burden.
Our solution with risk2value
- 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.
Implementing a risk event database at LGT
Any questions?
We'd be happy to assist!
Romana Hanig
SALES & ACCOUNT MANAGER