Guidelines for the Procurement and Outsourcing of IT Services
The FOA in association with PricewaterhouseCoopers

Many firms involved in financial services are now turning to third party suppliers for IT services. This can lead to many problems and challenges for firms, whether they are outsourcing a complete business function or simply procuring a packaged software application, many of which can be avoided by adopting a more structured approach to the sourcing project. Such an approach can not only help secure the selection of the right supplier at the outset but also ensure that the maximum benefit is derived from the sourcing project.

This growth in the use of third party suppliers has meant that regulators around the world are now keen to ensure that firms have appropriate procedures in place to manage the associated risks. In the UK, the Financial Services Authority has already issued a set of standards for the banking sector and these are likely to be extended to all authorised firms once the Integrated Prudential Sourcebook comes into force.

These guidelines have been kindly sponsored by Eurex and the International Petroleum Exchange

The FOA, working with PricewaterhouseCoopers, has developed this set of guidelines to address the growing need for guidance on how to adopt a structured approach to sourcing projects and manage the attendant risks. The guidelines draw on good market practice and use the Financial Services Authority's regime for banks in setting a methodology for compliance with regulatory requirements. They have been designed to enable member firms of all sizes to select the material they need that is appropriate to the stage that they are at in any given sourcing project. The guidelines also provide insight into how to address some of the issues and avoid some of the pitfalls that can prevent a firm from securing maximum benefit from sourcing projects.

Outline of Guidelines
Routemap
Key Features
Documentation Templates
About the Authors
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