Legal Risk
glossary
The organizational exposure to legal expenses and possible lawsuits that occurs arise when a service provider fails to meet a legal standard. Retrieved and adapted from Guidance on Managing Outsourcing Risk. Division of Banking Supervision and Regulation Division of Consumer and Community Affairs Board of…
Country Risk
glossary
Country Risk occurs when an organization engages a foreign-based service provider, exposing the Outsourcer to possible economic, social, and political conditions and events from the country where the provider is located. Retrieved and adapted from Guidance on Managing Outsourcing Risk. Division of Banking Supervision and…
Concentration Risk
glossary
The risk that may occur when outsourced services or products are provided by a limited number of service providers or are concentrated in limited geographic locations. Significant negative economic, flexibility, resilience, and other consequences can result because of concentration risk. Retrieved and adapted from Guidance…
Compliance Risk
glossary
The characteristic of an Outsourcer’s services, products, or activities being out of compliance and/or adherence due to the failure of a service provider to comply with applicable laws and regulations. Retrieved and adapted from Guidance on Managing Outsourcing Risk. Division of Banking Supervision and Regulation…
G-7 Financial Sector Fundamental Cybersecurity Guidance
Blog
October 14, 2016 | Banking and Financial Services, Cybersecurity, Guidance, Industry Verticals
This week the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System announced the publication of the G-7 Fundamental Elements of Cybersecurity for the Financial Sector. The document, released by central bank governors and finance ministers of the G-7…