Financial institutions have more and more recourse to outsourcing in their endeavour to cut down costs. This is not a bad thing in itself. However there is too much reliance on the terms of the contracts and not enough assurance for example on how third parties vet their employees and on how secure customer information is.
Our Guideline on Outsourcing for Financial Institutions sets down the risk management framework and assists financial institutions in identifying the nature of risks involved in outsourcing and in addressing them effectively. Consumers In the fight against financial crime, consumers also have an important role to play.