Outsourcing Advice

Outsourcing can be a cost-effective means of managing a staffing need such as audit or compliance, and many data functions. But Richard Riese, Project Manager for Compliance Policy at OTS, warns institutions that they should never confuse outsourcing the task with outsourcing the responsibility. No matter who does the work, the bank remains responsible for the quality and compliance of the work. He and other regulators at BAI's SAC Conference advised attendees to check the skills and qualifications of outside providers.

Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 5 & 6, 5/99