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Managing mobile banking vendors

Question: 
We use a solution provider for our mobile application. Does the new mobile financial services guidance require our vendor to enhance security to meet expectations?
Answer: 

As with any outsourced product or service, compliance is the responsibility of the bank. You can outsource a function, but if the outsourced product or service doesn’t meet expectations, it’s your responsibility. Through contracts you may have some recourse against your solution provider for non-compliance, but it’s in your bank’s best interest to measure your solution provider’s services and security to ensure expectations are met.
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Learn more about Rayleen Pirnie’s webinar Mobile Services Risk Management

First published on 09/11/2016

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