"Responsibility can't be outsourced"! Service providers have to be pro-actively managed.

Challenge

Outsourcing is common and increasing as businesses focus on their core value add. But outsourcing has serious implications for your business because you remain regulatory liable while loosing day-to-day control and visibility.

Regulators impose very strict rules on outsourcing, whether within a group or outside. The rules cover all stages of outsourcing, from selection to ongoing monitoring and termination.

Maestro-Solution

GRC-Maestro helps firms ensure their outsource service providers are operating in compliance with their Contracts/SLAs.

Using GRC-Maestro, firms can evidence full compliance with statutory/regulatory rules, best practices and internal controls:

New Outsourcing Agreements

Before entering a new outsourcing agreement it is necessary to ensure it includes the requirement to comply with relevant current and future regulations and cooperation with regulatory enquiries.

Periodic Monitoring

Ensuring that the service provider has been operating in compliance with the Contract/SLA, identify anomalies, report them and manage to resolution.

Incident Identification/Reporting

When exception events occur these need to be identified, reported, investigated, appropriate action(s) taken and resolved.

Reporting

Firms need to maintain reports to evidence the current and historic compliance status of their outsource service providers.

Resources

Outsourcing Management

The Maestro-Solution for Outsourcing Management consists of a collection of…