Investment management consulting firm Citisoft has launched a service, KYO-40, to help asset managers keep oversight of their outsource service.
In November 2013, the UK Financial Conduct Authority (FCA) warned asset managers about the inherent risk of outsourcing their core operations, particularly highlighting the adequacy of contingency plans to cope with a failure of their service provider—resilience risk—and oversight of their service provider—oversight risk—as key areas firms should address.
KYO-40 will deliver a risk analysis report highlighting exposure to outsourcing failure and geographical risk, a quantitative measure of oversight effectiveness, and baseline metrics for what-if analysis.
"We have developed a robust toolkit that can be used to assess, identify and manage the oversight issues, including those laid down by the FCA," says Steve Young, CEO of Citisoft. "This toolkit, alongside our defined engagement model, allows us to complete a sophisticated review of a firm's outsourced operational processes - all delivered within 40 days of engagement. KYO-40 will demonstrate consistency and high standards of oversight across all outsourced activities and geographies."
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