Page 34 - Insurance Times February 2022

O Responsiveness: Y Ensuring duly implementation of applicable relevant
1) Submissions of required data or report or MIS controls to mitigate the risks

2) Whether the service provider responds to the Y Ensuring clarity of expectation and quality performance
issues or complaints within the timeframe defined Y Minimizing the need for corrective measures due to
O Risk and compliance Governance: Sub- poor performance
contract or outsourced any of its activities Y Enabling better decision making on selection of vendor,
pertaining to services being obtained continuity and renewal of contract arrangements with
O Penalty (if applicable as per SLA): Frequency and the vendor
severity of penalty imposed on the vendor. Y Compliance with RBI guidelines

f. Business continuity and contingency References
considerations: X Banking Industry and its functions: https://byjus.com/
govt-exams/functions-of-bank/
Following aspects shall be considered in
X Guidance on Managing Outsourcing Risk: https://
evaluation of business continuity plans. analystprep.com/study-notes/frm/part-2/operational-
O Whether the service provider has robust BCP/DRP and-integrated-risk-management/guidance-on-managing-
plan in line with institutions' framework. outsourcing-risk/

O Whether the recovery time objects defined by X Operational Risk: https://www.fimarkets.com/pagesen/
service provider are in sync with institution's operational-risk.php
recovery time objects X Outsourcing activities in banking industry:
https://www.theglobaltreasurer.com/2019/02/11/
O Is there capability to handle present work load and
outsourcing-and-the-banking-sectorproblems-and-
scale up resources to cope up with increased work prospects/
in short notice
X Pfizer Case Study - How to Get Third- Party Risk
O Does the BCP include business relocation plan in the Management Right
event of disaster
X RBI Guidelines on Outsourcing:
8. Expected outcomes from implemen- X DNBR.PD.CC.No.090/03.10.001/2017-18
tation of Risk Management framework X DBR.No.BP.BC.76/21.04.158/ 2014-15

Y Facilitating identification of key risks associated with X RMAI Risk Management Course material
vendor activities prior to engaging into the contract Courtesy : Risk Management Association of India

Indian Institute of Insurance Surveyors and Loss Assessors

In the AGM on 27.12.2021 following directors has taken the charge as Office Bearers

Mr. Lalit Gupta Mr. B. Shivaprakash
President Vice President

Mr. Ajay Girdhar Mr. Vipin Kumar Shukla
Secretary Treasurer

34 The Insurance Times, February 2022