- 1 September 2017
How do you assess what outsourcing does to your operational risk profile?
Are you concerned about managing your operational risk exposure in the hands of a third party?
Are you sure you know who is responsible for what?
Many institutions outsource operations. But what is outsourcing, how is this decision reached, and how do you assess the impact on your operational risk profile?
Whatever the outcome of outsourcing, you need to be aware of the changes and manage them appropriately.
The ORX Outsourcing risk project will help you understand the new risks and operational impacts that have emerged as the industry has changed.
With an increasing regulatory interest in outsourcing, firms need to make sure that their approach is reasonable and sound. This project will identify what the current industry practices are. Participants will then be able to benchmark themselves against these.
At the end of the project you will be aware of what the industry standards are, and how your own approach compares to those standards.
How will we do it?
Understanding the central approaches to how the risks associated with outsourcing are managed is key. To do this we'll:
- Conduct a detailed survey to understand how institutions are assessing and managing the operational risk impacts of outsourcing, and how this is governed
- Identify and agree the current range of practices across the financial services industry
- Develop maturity matrices to allow you to compare yourself to the industry practice
- Benchmark your approaches to the industry practices
Project timeline (September 2017-May 2018)
Sign up now closed
The project is free for ORX members to participate in, while non-members could take part for a fee of £8,950. However, project sign up is now closed. If you want to learn more about the project, please contact us.
Over 30 firms have registered to take part:
ABN AMRO | Allianz SE | American Express | ANZ | AXA | BAGL | BCP Millennium | Banco Popular | Barclays | Bendigo and Adelaide Bank | CIBC | Credit Suisse | DBS Bank | Deutsche Bank | Discover | Erste Bank | Euroclear | FirstRand | Generali | Santander | HSBC | IS Bank | Lloyds | Macquarie | Munich RE | Nedbank | Nordea Bank | OTP Bank | Prudential Financial | RBC | Royal Bank of Canada | SEB | Standard Bank | Suncorp | Swedbank | TD Bank | Westpac