A great deal of time and money is often invested in the selection of an outsource partner but unless due attention is given to these key factors from the start; the relationship is likely to fail.
With increasing regulatory demands placed on asset management firms to be able to demonstrate both adequate oversight of service providers, and detailed contingency plans to deal with any potential failure, the supplier management function is coming under more scrutiny.
Many of the processes around supplier management are manual and time consuming, oversight teams are looking for new, efficient ways to improve the way they manage their relationships whilst ensuring they are able to successfully benchmark their providers. All the other departments in the company have tools for their day to day work; isn’t it time the oversight team had one?
Note: This opinion piece was first published by Knadel Limited prior to acquisition by Catalyst Development Limited