FDIC alerts bankers to offshore subcontracting
Northwestern Financial Review, Jul 15-Jul 31, 2004
Bankers need to be aware when their vendors have subcontracted work to overseas or domestic parties, according to a study on offshore outsourcing risks released by FDIC. The study found the number of offshore vendors providing services to financial institutions has grown rapidly. FDIC cited a Deloitte Consulting study that estimated the $356 billion, or 15 percent, of the financial service industry's current cost base is expected to move offshore within the next five years.
Among other things, the study recommended that examiners determine whether a financial institution is monitoring outsourcing arrangements.
Copyright NFR Communications Inc Jul 15-Jul 31, 2004
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