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Banks are increasingly outsourcing more activities to third parties. But they can’t outsource the risks.
It comes as no surprise that banks are relying more heavily on vendors and other third parties now more than ever before. As banks look to focus their efforts, vendors are performing a wider range of functions, developing new products and services to meet rising demand from banks. From back office functions like payroll processing and mortgage servicing to evolving customer service channels such as electronic banking, mobile payments, and social media, third parties are showing up in some interesting places today. In this paper we touch upon:
- The potential risks of outsourcing
- Different vendor risk categories require different approaches
- Three lines of defense
- Emerging capabilities