金融服务外包外文翻译Word文档格式.docx
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金融服务外包外文翻译Word文档格式.docx
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BusinessCreditOctober2005,Vol.107,No.9,64-70Author:
TheJointForum
1ExecutiveSummary
Financialservicesbusinessesthroughouttheworldareincreasinglyusingthirdpartiestocarryoutactivitiesthatthebusinessesthemselveswouldnormallyhaveundertaken.Industryresearchandsurveysbyregulatorsshowfinancialfirmsoutsourcingsignificantpartsoftheirregulatedandunregulatedactivities.Theseoutsourcingarrangementsarealsobecomingincreasinglycomplex.
Outsourcinghasthepotentialtotransferrisk,managementandcompliancetothirdpartieswhomaynotberegulated,andwhomayoperateoffshore.
Inthesesituations,howcanfinancialservicebusinessesremainconfidentthattheyremaininchargeoftheirownbusinessandincontroloftheirbusinessrisks?
Howdotheyknowtheyarecomplyingwiththeirregulatoryresponsibilities?
Howcanthesebusinessesdemonstratethattheyaredoingsowhenregulatorsask?
Tohelpanswerthesequestionsandtoguideregulatedbusinesses,theJointForumestablishedaworkinggrouptodevelophigh-levelprinciplesaboutoutsourcing.
Inthispaper,thekeyissuesandrisksarespeltoutinmoredetailandprinciplesareputforwardthatcanserveasbenchmarks.Theprinciplesapplyacrossthebanking,insuranceandsecuritiessectors,andtheinternationalcommitteesinvolvedineachsectormaybuildontheseprinciplestooffermorespecificandfocusedguidance.Selectedinternationalcasestudies(seeAnnexA)showwhythesequestionsmatter.
Todayoutsourcingisincreasinglyusedasameansofbothreducingcostsandachievingstrategicaims.Itspotentialimpactcanbeseenacrossmanybusinessactivities,includinginformationtechnology(e.g.,applicationsdevelopment,programming,andcoding),specificoperations(e.g.,someaspectsoffinanceandaccounting,back-officeactivities&
processing,andadministration),andcontractfunctions(e.g.,callcentres).Industryreportsandregulatorysurveysofindustrypracticeindicatethatfinancialfirmsareenteringintoarrangementsinwhichotherfirms–relatedfirmswithinacorporategroupandthird-partyserviceproviders–conductsignificantpartsoftheenterprise’sregulatedandunregulatedactivities.
Activitiesandfunctionswithinanorganisationareperformedanddeliveredindiverseways.Aninstitutionmightsplitsuchfunctionsasproductmanufacturing,marketing,back-officeanddistributionwithintheregulatedentity.Wherearegulatedentitykeepssucharrangementsin-house,butoperatessomeactivitiesfromvariouslocations,thiswouldnotbeclassifiedasoutsourcing.Theentitywouldthereforebeexpectedtoprovideforanyrisksposedbythisinitsregularriskmanagementframework.
Increasinglymorecomplexarrangementsaredevelopingwherebyrelatedentitiesperformsomeactivities,whileunrelatedserviceprovidersperformothers.Ineachcasetheserviceprovidermayormaynotbearegulatedentity.TheJointForumprinciplesaredesignedtoapplywhetherornottheserviceproviderisaregulatedentity.
Outsourcinghasbeenidentifiedinvariousindustryandregulatoryreportsasraisingissuesrelatedtorisktransferandmanagement,frequentlyonacross-borderbasis,andindustryandregulatorsacknowledgethatthisincreasedrelianceontheoutsourcingofactivitiesmayimpactontheabilityofregulatedentitiestomanagetheirrisksandmonitortheircompliancewithregulatoryrequirements.Additionally,thereisconcernamongregulatorsastohowoutsourcingpotentiallycouldimpedetheabilityofregulatedentitiestodemonstratetoregulators(e.g.,throughexaminations)thattheyaretakingappropriatestepstomanagetheirrisksandcomplywithapplicableregulations.
Amongthespecificconcernsraisedbyoutsourcingactivitiesisthepotentialforover-relianceonoutsourcedactivitiesthatarecriticaltotheongoingviabilityofaregulatedentityaswellasitsobligationstocustomers.
Regulatedentitiescanmitigatetheserisksbytakingsteps(asdiscussedintheprinciples)to:
drawupcomprehensiveandclearoutsourcingpolicies,establisheffectiveriskmanagementprogrammes,requirecontingencyplanningbytheoutsourcingfirm,negotiateappropriateoutsourcingcontracts,andanalysethefinancialandinfrastructureresourcesoftheserviceprovider.
Regulatorscanalsomitigateconcernsbyensuringthatoutsourcingisadequatelyconsideredintheirassessmentsofindividualfirmswhilsttakingaccountofconcentrationrisksinthird-partyproviderswhenconsideringsystemicriskissues.
Ofparticularinteresttoregulatorsisthepreservationattheregulatedentityofstrongcorporategovernance.Inthisregardoutsourcingactivitiesthatmayimpedeanoutsourcingfirm'
smanagementfromfulfillingitsregulatoryresponsibilitiesareofconcerntoregulators.TherapidrateofITinnovation,alongwithanincreasingrelianceonexternalserviceprovidershavethepotentialofleadingtosystemicproblemsunlessappropriatelyconstrainedbyacombinationofmarketandregulatoryinfluences.
Thispaperattemptstospellouttheseconcernsinmoredetailanddevelopasetofprinciplesthatgivesguidancetofirms,andtoregulators,tohelpthembettermitigatetheseconcernswithouthinderingtheefficiencyandeffectivenessoffirms.
2GuidingPrinciples-Overview
TheJointForumhasdevelopedthefollowinghigh-levelprinciples.Thefirstsevenprinciplescovertheresponsibilitiesofregulatedentitieswhentheyoutsourcetheiractivities,andthelasttwoprinciplescoverregulatoryrolesandresponsibilities.Herewepresentanoverviewoftheprinciples.Moredetailmaybefoundinsection9.
ⅠAregulatedentityseekingtooutsourceactivitiesshouldhaveinplaceacomprehensivepolicytoguidetheassessmentofwhetherandhowthoseactivitiescanbeappropriatelyoutsourced.Theboardofdirectorsorequivalentbodyretainsresponsibilityfortheoutsourcingpolicyandrelatedoverallresponsibilityforactivitiesundertakenunderthatpolicy.
ⅡTheregulatedentityshouldestablishacomprehensiveoutsourcingriskmanagementprogrammetoaddresstheoutsourcedactivitiesandtherelationshipwiththeserviceprovider.
ⅢTheregulatedentityshouldensurethatoutsourcingarrangementsneitherdiminishitsabilitytofulfilitsobligationstocustomersandregulators,norimpedeeffectivesupervisionbyregulators.
ⅣTheregulatedentityshouldconductappropriateduediligenceinselectingthird-partyserviceproviders.
ⅤOutsourcingrelationshipsshouldbegovernedbywrittencontractsthatclearlydescribeallmaterialaspectsoftheoutsourcingarrangement,includingtherights,responsibilitiesandexpectationsofallparties.
ⅥTheregulatedentityanditsserviceprovidersshouldestablishandmaintaincontingencyplans,includingaplanfordisasterrecoveryandperiodictestingofbackupfacilities.
ⅦTheregulatedentityshouldtakeappropriatestepstorequirethatserviceprovidersprotectconfidentialinformationofboththeregulatedentityanditsclientsfromintentionalorinadvertentdisclosuretounauthorisedpersons.
ⅧRegulatorsshouldtakeintoaccountoutsourcingactivitiesasanintegralpartoftheirongoingassessmentoftheregulatedentity.
Regulatorsshouldassurethemselvesbyappropriatemeansthatanyoutsourcingarrangementsdonothampertheabilityofaregulatedentitytomeetitsregulatoryrequirements.
ⅨRegulatorsshouldbeawareofthepotentialrisksposedwheretheoutsourcedactivitiesofmultipleregulatedentitiesareconcentratedwithinalimitednumberofserviceproviders.
3Definition
Outsourcingisdefinedinthispaperasaregulatedentity’suseofathirdparty(eitheranaffiliatedentitywithinacorporategrouporanentitythatisexternaltothecorporategroup)toperformactivitiesonacontinuingbasisthatwouldnormallybeundertakenbytheregulatedentity,noworinthefuture.
Outsourcingcanbetheinitialtransferofanactivity(orapartofthatactivity)fromaregulatedentitytoathirdpartyorthefurthertransferofanactivity(orapartthereof)fromonethird-partyserviceprovidertoanother,sometimesreferredtoas“subcontracting.”Insomejurisdictions,theinitialoutsourcingisalsoreferredtoassubcontracting.
Firmsshouldconsiderseveralfactorsastheyapplytheseprinciplestoactivitiesthatfallundertheoutsourcingdefinition.First,theseprinciplesshouldbeappliedaccordingtothedegreeofmaterialityoftheoutsourcedactivitytothefirm'
sbusiness.Evenwheretheactivityisnotmaterial,theoutsourcingentityshouldconsidertheappropriatenessofapplyingtheprinciples.Second,firmsshouldconsideranyaffiliationorotherrelationshipbetweentheoutsourcingentityandtheserviceprovider.WhileitisnecessarytoapplytheOutsourcingPrinciplestoaffiliatedentities,itmaybeappropriatetoadoptthemwithsomemodificationtoaccountforthepotentialfordifferingdegreesofriskwithrespecttointra-groupoutsourcing.Third,thefirmmayconsiderwhethertheserviceproviderisaregulatedentitysubjecttoindependentsupervision.
Accordingtothisdefinition,outsourcingwouldnotcoverpurchasingcontracts,althoughaswithoutsourcing,firmsshouldensurethatwhattheyarebuyingisappropriatefortheintendedpurpose.Purchasingisdefined,interalia,astheacquisitionfromavendorofservices,goodsorfacilitieswithoutthetransferofthepurchasingfirm'
snon-publicproprietaryinformationpertainingtoitscustomersorotherinformationconnectedwithitsbusinessactivities.
Thispaperwillrefertoaregulatedentityasthebodythatisauthorisedforaregulatedactivitybyaregulator.The
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