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CBS-12 Third-Party / Outsourced Service Management
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In today’s rapidly evolving financial landscape, ensuring operational resilience is a critical priority for financial institutions like Metrobank. Among the various high-level critical business services (CBS) that Metrobank manages, "CBS-12 Third-Party / Outsourced Service Management" plays a crucial role in safeguarding the continuity of the bank's operations.
As the complexity of banking services increases, Metrobank heavily relies on third-party providers and outsourced services to deliver seamless banking experiences to its customers. Managing these external relationships effectively is key to mitigating risks and ensuring business operations remain uninterrupted.
This chapter delves into the sub-business processes (Sub-CBS) under "CBS-12 Third-Party / Outsourced Service Management," outlining their functions and importance in Metrobank’s operational resilience framework.
The processes discussed in this chapter are designed to ensure that Metrobank’s interactions with external service providers are well-managed and resilient, enabling the bank to maintain a high level of operational continuity.
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Table P1: Detailed Processes for CBS-12
|
Sub-CBS Code |
Name of Sub-CBS |
Description of Sub-CBS |
|
12.1 |
Vendor Risk Management |
This sub-CBS focuses on assessing, monitoring, and managing the risks associated with Metrobank's third-party vendors, ensuring that all vendors adhere to regulatory and operational standards that safeguard Metrobank’s interests. |
|
12.2 |
Third-Party Contract Management |
This sub-CBS involves managing the contracts between Metrobank and its third-party service providers. It ensures that all contractual terms are aligned with Metrobank’s operational resilience requirements and service-level expectations. |
|
12.3 |
Outsourced Service Monitoring |
This sub-CBS focuses on continuously monitoring the performance and compliance of outsourced services. It ensures that outsourced service providers meet the agreed-upon standards and that any issues are quickly identified and resolved. |
|
12.4 |
Service Continuity Planning |
This process is dedicated to ensuring that business continuity plans (BCP) are in place for third-party and outsourced services, with clear recovery strategies and impact tolerance criteria in case of service disruptions or failures. |
|
12.5 |
Compliance and Regulatory Assurance |
Ensures that all third-party and outsourced service providers are in full compliance with relevant industry regulations and internal governance policies, minimizing legal and compliance risks for Metrobank. |
|
12.6 |
Incident Management and Response |
This sub-CBS covers the processes in place for responding to incidents or disruptions that affect third-party services, ensuring timely resolutions and the implementation of corrective actions to prevent recurrence. |
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Metrobank's third-party and outsourced service management is vital for the bank's operational resilience. The processes outlined under "CBS-12 Third-Party / Outsourced Service Management" provide a comprehensive framework to manage vendor relationships, monitor outsourced services, and ensure compliance with both regulatory requirements and internal operational standards.
By strategically managing these critical functions, Metrobank is able to mitigate risks posed by external service providers and ensure the continuous availability of essential services to its customers.
The resilience of Metrobank’s operational structure is, in large part, dependent on the strength and reliability of its third-party relationships. This chapter underscores the importance of not only selecting the right vendors but also maintaining continuous oversight and preparing for potential disruptions.
Gain Competency: For organisations looking to accelerate their journey, BCM Institute’s training and certification programs, including the OR-5000 Operational Resilience Expert Implementer course, provide in-depth insights and practical toolkits for effectively embedding this model.
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