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.

Managing Your IT Service Providers

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.

© 2023 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in Chinese Mainland, KPMG, a Macau (SAR) partnership, and KPMG, a Hong Kong (SAR) partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

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