Industry body turns its attention to the risks of outsourcing
MADRID - The International Organisation of Securities Commissions (Iosco) has released a consultation report on industry outsourcing best practices.
The document, entitled 'Principles for outsourcing by markets', looks at six areas in particular: due diligence in selecting and monitoring service providers; the outsourcing legal contract; business continuity management at the outsourcer; information security; termination procedures; and access to records for regular inspection and oversight.
The report builds on the existing report 'Principles on outsourcing of financial services for market intermediaries'. Iosco says the deadline for comments on the paper is May 20, 2009.
The consultation report may be downloaded here.
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