Outsourcing Step-By-Step Guidelines Checklist
Most jurisdictions have rules on outsourcing rules/regulations for examp[le
- European Banking Authority (EBA) guidelines
- JFSC Outsourcing Policy - March 2017
- FCA SYSC 13.9 Outsourcing
AND In light of the above the Comsure has put together the following step-by-step guide to what financial institutions should be checking their outsourcing requirements
Organisations should check that:
- They have correctly identified all their “outsourcing” arrangements and all the arrangements that affect “critical and important processing”.
- No one can implement new cloud computing outsourcing arrangements without following the correct procedures.
- In particular, it is recommended to check for the use of free, personal (as opposed to company-owned) and low-cost services that may have been put through on expenses.
- The risk assessments are up to date, accurate, and include all necessary documentation.
- Contracts have been reviewed and updated in line with the requirements.
- Documentation is up to date, accurate, and that all the documentation is correctly aligned with no gaps or conflicts.
- Incident response playbooks have been updated and tested.
- Incidents must be both recognised and reported quickly, while also ensuring that they do not interrupt normal business activities.
- There are appropriate audit trails to demonstrate management oversight of the decision-making process and cloud computing arrangements.
- Each outsourcing arrangement has a documented owner who is aware of their responsibilities.
- Appropriate training has been provided recently to ensure everyone understands the requirements and what they need to do personally to comply with them.
- It is also worth ensuring that people who have recently joined or changed roles have received the appropriate information and training.
- Where the company withdraws a cloud computing arrangement; the following should be considered.
- Where appropriate, evidence such as data deletion certificates or audit reports should be held to prove that the arrangement has ended, and
- the cloud services provider has securely erased and/or returned the organisation’s data.
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email email@example.com.