The Essential Guide to Outsourcing:
8 Steps to Mitigate Vendor Risk
You can outsource the business function, but you can't outsource the risk.
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Regardless of the business function your institution outsources (information technology, operations, finance, human resources, etc.), it does not outsource the associated risk. The responsibility for all compliance requirements resides with your institution even when your vendor is responsible for day-to-day management of certain products or services. Whatever your institution's size, your outsourcing program should move through the 8 steps outlined in this white paper. Find out what the 8 steps are and how you should follow them to mitigate vendor risk.
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