Risks pertaining to the function outsourced include:
• Sensitivity of data accessed, protected, or controlled by the service provider
• Volume of transactions
• Criticality to the Bank’s business
Risks pertaining to the service provider include:
• Strength of financial condition
• Turnover of management and employees
• Ability to maintain business continuity
• Ability to provide accurate, relevant, and timely management information systems
• Experience with the function outsourced
• Reliance on subcontractors
• Location, particularly if outside the United States
• Redundancy and reliability of communication lines
Risks pertaining to the technology used include:
• Reliability
• Security
• Scalability to accommodate growth
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CRCM, CLBB