Top 10 operational risks: Focus on third-party risk
Ion hack deals industry painful reminder on the drawbacks of outsourcing
The financial industry is supported by a vast network of vendors. Human resources, data storage, number-crunching, trading: whatever a large firm does, there is probably an app for that.
Already an industry that is highly reliant on third parties such as trading venues and clearing houses, finance is now more outsourced than ever. With the shift have come great boons, including lower costs, scalability and sometimes better security, allowing firms to provide clients with a better service.
But
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