Joint Forum Releases Outsourcing Guidance for Financial Services
The Joint Forum, a forum created to deal with issues common to the banking, securities and insurance sectors, released the report, 'Outsourcing in Financial Services'. The report details the risks and benefits of outsourcing in the financial sector. It includes principles to help companies evaluate their outsourcing activities.
In sum, the report discusses creating policy, contracts, and risk management programs. Additionally, it includes senior management's role, contingency planning, and broad guidelines for regular risk reviews.
The report underwent a consultation process with different sectors and the public. Furthermore, "the Joint Forum worked closely with the International Organization of Securities Commissions (IOSCO), which has also released a report on outsourcing." Both organizations made sure that their complementary reports had consistent sets of principles.
The Joint Forum's report is designed for the banking, insurance and securities sector. It serves as the standard for outsourcing in the financial sector. "IOSCO's report is specifically designed for securities firms."
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