Applying Appendix J

Applying Appendix J

Understanding new guidance for financial institutions around technology service providers and business continuity risks

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Because financial institutions increasingly outsource operations to third-party technology service providers (TSPs), financial institutions must place a heightened importance on ensuring that their TSPs have business continuity plans that provide resiliency for the institution’s processes in the event of a widespread disruption or outage. Such adverse events can come from a variety of directions, including natural disasters, infrastructure failures, technology failures, or staffing shortages as well as from the constant and growing threat of cyber attacks.

KPMG’s Regulatory Risk and Cyber Security practices have released a Point of View (POV) paper highlighting issues that financial institutions should consider when assessing the strength of their third-party risk management programs specifically with respect to TSPs, and when aligning their business continuity planning and third-party risk management programs to ensure they provide adequate, risk-based coverage of higher risk processes and third parties.

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