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RBI dy guv flags risks in digital outsourcing for financial firms
Business Standard
|July 23, 2024
Financial companies using digital outsourcing and their "third-party dependencies" have benefits but involve risks, said Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao on Monday.
"Poorly managed thirdparty relationships can expose regulated entities to not only customer dissatisfaction and reputational damage but may also invite regulatory and supervisory actions," he said while speaking at CareEdge Conversations BFSI Navigating Growth and Risk.
He further observed that regulated entities must verify the reliability and security of third parties and ensure they meet required standards. The concern pertains to the selection of outsourcing agencies or digital lending service providers (LSPs).
Dit verhaal komt uit de July 23, 2024-editie van Business Standard.
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