With the increased use of outsourcing vendors for the provision of products and services and as per the articles contained within Principles for Management of OR BIS document e.g article 54, the need to manage risk associated with such outsourcing becomes ever more paramount.
Organizations should have a formal process to apply the following principles;
- Due diligence in selection and monitoring of service provider and service provider's performance.
- The contract with a service provider.
- Information technology security and business continuity at the outsourcing firm.
- Client confidentiality issues.
- Concentration of outsourcing functions.
- Termination procedures.
- Regulator's and intermediary's access to books and records, including rights of inspection.
GSA helps organisations identify and manage effectively the various material outsourcing arrangements risks to which they might be exposed to.