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1. The risks highlighted in this paper aren’t any different to risks associated with outsourcing of other activities in financial services e.g if outsourced service provider doesn’t process a payment as instructed, then repercussions could include financial loss, legal issues if client choses to take that path, reputational loss & regulatory censure depending on impact. The onus lies with the party outsourcing to ensure that procedures are detailed, accurate and refreshed frequently; maintain strong oversight through well defined governance; & ensure appropriate quality assurance process. Most parties outsourcing fail to do these things . This is from my experience of 15 years in outsourcing industry in financial services

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