The outsourcing model continues to provide tremendous benefits by allowing smaller and midsized financial institutions offer products and services that that would typically not have been possible. However, management remains responsible for ensuring that controls over outsourced activities provide the institution with the same level of assurance as controls over those activities performed in-house.
LET US HELP YOU DESIGN/UPATE YOUR VENDOR MANAGEMENT PROGRAM
Does your Vendor Management Program address the new regulatory requirements related to business continuity, cyber security risk, and the use of subservice organizations? We can help you design and/or update a Vendor Management Program that ensures that all components of the vendor management lifecycle are addressed and aligned with changing regulatory requirements.
ENSURE THAT YOUR MONITORING PROCESS OF INFORMATION TECHNOLOGY THIRD PARTY SERVICE PROVIDERS IS COMMENSURATE WITH YOUR RISK PROFILE
Various aspects of IT can be outsourced and include data processing, software development, equipment maintenance, business continuity, data storage, Internet access, and security management. Our team of information technology experts can design and/or support a monitoring process for technology third party service providers that include the evaluation of service level agreement metrics and audit reports (SOC 1, SOC 2).