FSA Approves Outsourcing in India
In an investigation on the safety of customer data in India, the Financial Services Authority (FSA) has approved India's outsourcing industry. The UK-based regulator visited 10 outsourcing operations in India, most of which provide services to UK retail banks and insurance companies.
FSA concluded that offshore outsourcing posed no greater risk to customer data than in-house operations. They also reported that the main risk of outsourcing was the Complexity of management from a distance. FSA added that with governance frameworks and risk management, operational risks can be diminished.
Additionally, Datamonitor reported that functions such as mortgage processing, insurance underwriting, and claims processing will be increasingly outsourced to countries such as India.
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