Jen Hancock highlighted the importance of the IAG guidance for navigating third-party risk and regulatory requirements. Chris Johnson introduced the Shared Assessments IAG gap analysis tool, which maps IAG to rescinded FRB, FDIC, and OCC guidance, helping identify new requirements and potential gaps. During the Open Mic for Members Participants noted the need to explore alternative methods of assurance / due diligence when direct assessments are not possible. The committee explored offshore delivery center controls. Feedback from organizations was they are implementing a combination of physical and technological controls for offshore delivery centers, rather than relying solely on physical security measures like "clean rooms” and a trend towards bringing more critical functions in-house or to captive centers to maintain tighter control over sensitive data and processes, rather than relying on third-party offshore providers. Lastly, participants highlighted the challenges of maintaining control environments and talent acquisition/retention for offshore locations, especially with the shift to more remote and hybrid work models during the pandemic.
