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Offshore Outsourcing of Data Services by Insured Institutions and Associated Consumer Privacy Risks

Table of Contents

I. Background

Trends in Offshoring
Reasons for Offshoring

II. Offshoring Business Models and Risks

Offshoring Business Models
Outsourcing/Offshoring Risks
Consumer Privacy and Other Operational Risks Will Vary By Institution, Business Model, and Type of Function That Is Offshored
Protections for Customer Information Sent Offshore
Responsibilities of Directors and Officers

III. Supervisory Regulations, Guidelines, Implications, and Approaches

IV. Recommendations

V. Appendixes

A - Most Widely-Used Offshoring Locations
B - Subcontracting Language From A Typical Data Vendor Contract
C - Outsourcing/Offshoring Risks
D - Outsourcing-Related Guidance

VI. Sources


Last Updated 6/08/04 insurance-research@fdic.gov