Outsourcing Risk
What is Outsourcing Risk?
Risks associated with using external providers for business functions, including loss of control, service quality issues, and data security concerns.
Terms that appear alongside outsourcing risk
Each of these is named in at least one of the same controls as outsourcing risk. The number is how many controls name both.
- governance 3 shared controls
- multi cloud 3 shared controls
- cybersecurity 3 shared controls
- cloud security 3 shared controls
- business continuity 3 shared controls
- zero trust 2 shared controls
- fips 2 shared controls
- generative ai 2 shared controls
Frameworks that govern outsourcing risk
What the standards actually require on outsourcing risk
Requirements naming outsourcing risk across 5 standards, quoted from the control text.
Assess the risk of each outsourcing before starting, on variation or renewal and at least annually, including whether it is material, weighing impact of failure, effect on compliance and internal controls, complexity, cost, the provider's regulatory status and...
uae-virtual-asset-regulatory-authority-vara-regulations::CO-IV.B · Company Rulebook IV.B: Outsourcing risk assessment and due diligence →Risk assessment is proportionate. For critical or important functions it weighs expected benefits and costs against significant risks, and assesses legal, ICT, compliance and reputational risk and oversight limits arising from the chosen service and deployment...
eiopa-guidelines-on-outsourcing-to-cloud-service-providers-eiopa-bos-20-002::8 · Guideline 8: Risk assessment of cloud outsourcing →Management remains responsible for risk in every outsourcing relationship and maintains a risk management process for initiating and overseeing all outsourced operations that makes senior management and the board aware of outsourcing risks, confirms each arran...
ffiec-it-examination-handbook::OTS-02 · Risk Management (Outsourcing Technology Services) →HKMA TM-G-1 Cyber + Audit + Outsourcing + Cloud. (1) SECURITY MONITORING AND SIEM (TM-G-1.7.1) - SIEM + SOC + 24x7 monitoring + log management + correlation + use cases + alert handling + escalation + UEBA + behavior analytics + SOAR automation + threat detect...
HKMA-TMG1-Cyber-Monitoring-Threat-Intel-IR-Audit-Outsource-Cloud · TM-G-1 Security Monitoring + SIEM + Threat Intel + Cyber IR + Audit + Outsourcing + Cloud Computing Risk →The risk and control environment is strong and challenged. Baseline: a risk management framework with board-approved appetites and tolerances guiding decisions and a plan to reach the desired risk culture;
principles-for-doing-business-at-lloyd-s::P10.2 · 10.2 A strong risk and control environment with appropriate challenge →Questions people ask about outsourcing risk
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