Managing your IT Service Providers in the Banking Industry
Managing your IT Service Providers in Banking Industry
This brochure discusses the HKMA’s IT supplier risk management requirements and technology-related outsourcing policies for banks.
For years, banks have outsourced/offshored various back office functions, such as data centres and IT support, to save costs. As the banking sector continues to evolve, outsourcing has grown beyond cost savings to address various business and regulatory initiatives that involve the use of technology. This has led to more sophisticated technology outsourcing arrangements.
In Hong Kong, banks must comply with the Hong Kong Monetary Authority’s (HKMA) policies and requirements for technology outsourcing activities. This brochure offers guidance to help banks ensure that their outsourcing policies adequately meet the HKMA’s outsourcing requirements.
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