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The Australian Securities and Investment Commission (ASIC) reported today on its concerns over the management of supplier risk by financial services entities. Requesting that FS providers strengthen governance and risk management of offshore service providers(OSPs) after raising concerns that OSPs and FS entities are exposing consumers and investors to potential harm. Especially related to cybersecurity, cyber attacks, and the loss of control of FS entities over some outsourced tasks and business functions that impeded a licensee’s ability to protect the confidentiality of its own and client data.
ASIC highlighted the risks related to the effective detection and management of cyber incidents; the loss of control of people and processes when dealing with outsourced business functions that pose challenges to the effectiveness of supervisory regimes; and the risk of operational disruption to services that can harm consumers.
As nations develop their regulatory strategies for ICT risk management and cybersecurity risk management, the ASIC report demonstrates the challenges FS firms face with ICT, cyber, and outsourcing risk. No doubt adding to the regulator’s future approach to risk regulation.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC ASIC
#cyberriskmanagement #thridpartysupplierrisk
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