Implementing and embedding the Operational risk framework to identify, assess,
monitor Outsourcing risk
Ensuring Gatekeeping of all current outsourced 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 and 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.
Conduct half yearly material outsourcing review, identify & assess gaps and suggest mitigants to eliminate / control / monitor outsourcing risks
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 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 is in line with the RBI circulars and Master Direction on Outsourcing.
Lead Projects undertaken wrt automation of workflows for improved TATs and service delivery.