Implementing and embedding the Operational risk framework to identify, assess,
monitor Vendor risk (Outsourcing & Non-Outsourcing Services)
Ensuring Gatekeeping of all current vendors to ensure onboarding requirements are
completed prior to vendor services being consumed.
Co-ordination with Payments Teams to ensure ORM approval is validated before
vendor creation and processing payments. Regular recon with the Payment systems
to validate vendor codes.
Monitoring of activities outsourced to vendor and their performance through half
yearly review of outsourcing activities and annual review. BoD note preparation for
Material outsourcing
Above monitoring includes review of various aspects such as scorecard prepared by
Business, appropriateness of agreement terms and agreement validity, availability
of insurance as applicable, financial condition, subcontracting, events reported
internally or externally, outcome of audit or CISO team reviews, concentration
risks, negative media reports,
BCP and contingency plans etc.
Identify and analyse high risk activities and attributes and implement requisite
controls to manage risks
Manage activation and deactivation of vendors basis availability of required
documents.
Implementing processes and control framework for off boarding vendors
Reviewing the Framework on Non-Outsourcing vendors holding Sensitive Data,
Outsourcing Framework and Policy at re-defined/ regular intervals or basis need
and suggest changes required for superior workflow and better controls
Handling RBI and other regulatory requirements. Ensure the Outsourcing Policy and
Framework and Framework on Non-Outsourcing vendors holding Sensitive Data meet
the regulatory requirements on Risk Management of vendors, especially holding
sensitive data.
Lead Projects undertaken wrt automation of workflows for improved TATs and
service delivery.