The significance of outsourcing management for financial services organizations

Financial services organizations can outsource processes and systems, but still have full responsibility for the risks resulting from their operations. As a result, these organizations must proactively enforce compliance with the respective banking regulations throughout their entire chain of suppliers in outsourcing scenarios.

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Philipp Strokosch

How does systematic outsourcing management add value?

Established outsourcing management processes help companies achieve the objectives that drive their success. A standardized approach to evaluating and categorizing all suppliers and contractors is very helpful in this regard since all critical outsourced sources are subsequently identified. A professional outsourcing process manages all significant risks related to outsourcing including: regulatory risks, legal and contract risks, quality risks, operational and process risks, reputational risks, and business continuity risks.

What is important to keep in mind for outsourcing management?

Organizations should take relevant internal and external factors into consideration at an early stage of the implementation to ensure its success by:

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Gaining insight on the risks stemming from many different outsourcing processes and establishing adequate reporting processes

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Ensuring that all outsourced processes are evaluated appropriately and monitored continually

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Getting an overview of the many different outsourcing processes

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Establishing operational risk as a business enabler rather than a necessary burden

What are the advantages of an outsourcing management software solution?

Our outsourcing management software BIC enables you to build a future-proof, efficient management system and offers the following advantages in outsourcing:

  • Work effectively with internal and external process contributors in a structured, workflow-driven approach.
  • Identify and classify outsourcing risks in a standardized approach to enforce consistent quality throughout the process.
  • Use the vast capabilities to customize the type and design of outsourcing risk reports.
  • Boost overall efficiency by integrating all kinds of inquiries and questionnaires from suppliers or third parties in one combined assessment process.
  • Integrate the results of outsourcing management completely in risk reporting.
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Which BIC solution is right for me?

Whether you prefer a custom designed or pre-built solution, GBTEC offers the right software for your requests. Convince yourself and build an efficient outsourcing management system that will accompany you safely into the future.

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About the Expert

Philipp Strokosch

Head of Product Line GRC & Managing Director GBTEC Austria

Since July 2024, Philipp Strokosch has been the Head of Product Line GRC and Managing Director at GBTEC. Before that, he led the development of innovative Governance, Risk, and Compliance (GRC) solutions as Head of Sales, helping businesses prepare for the future through digital transformation. With over a decade of experience, including serving as Country Manager for a Fortune 500 risk management company listed on the New York Stock Exchange, Philipp is a recognized expert in sustainable risk management. Together with his team, he creates customized solutions that drive long-term success and ensure regulatory compliance.

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