Bank technology group BITS presents a framework for managing the risks in IT outsourcing for banks.
The financial services industry increasingly relies on information technology service providers to support the online delivery of financial services. This change in delivery patterns, coupled with the deployment of new and dynamic technologies, has resulted in heightened industry awareness and concern accompanied by increased regulatory scrutiny of a financial services company’s risk assessment and management of outsourced IT services.
In response to this, the BITS Information Technology (IT) Service Provider Working Group developed this document, the BITS Framework for Managing Technology Risk for IT Service Provider Relationships.
The Framework comprehensively covers most aspects of managing IT control, design and management practices where IT services are under consideration for outsourcing or have been outsourced.
"Implementation of this industry-wide approach will more effectively provide a common understanding among IT service providers, address known control weaknesses in outsourced IT services, and result in more consistent and appropriate levels of management by financial services companies that outsource IT services," states BITS.
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