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Group Crafts Standards for Evaluating Outsourcers

February 7th, 2006

Six large U.S. banks, an industry group and four major accounting firms joined forces in early 2004 to create standards for assessing the security practices of outsourcing vendors that work with financial services firms.

The goal was to create consistent standards for use in evaluating the controls that outsourcing vendors use to protect sensitive data, said Faith Boettger, a senior consultant at BITS, the technology arm of the Washington-based Financial Services Roundtable.

The standards are now available to the financial services community, following a trial of the program undertaken by five service providers, including IBM, Acxiom Corp. and First Data Corp.

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