ANB has enabled a large Bank to revisit its existing outsourcing governance.
client brief
A banking company using several vendors to execute its operations and business.
objectives
The key objectives of the outsourcing regulations
regulatory & business needs
The vital regulatory requirements of the outsourcing regulations triggered the following business needs:
- Review and revise of Outsourcing policy in line with revised regulations
- Constitution of Outsourcing Committee
- Vendor Due diligence at onboarding and periodic performance evaluation
- Strengthening of vendor agreement
- Data confidentiality and security
- Principles for outsourcing to related party
- Periodic vendor audits / inspections
- Business continuity
- Record management
challenges
The key challenges encountered during the assignment was to classify activities into outsourcing in line with regulations in absence of clear description of on-field services provided by the vendor.
the approach
ANB with its qualified personnel helped the company in devising the framework for Governance, ensuring implementation and on-going review.