Zycus and EBA Guidelines on Outsourcing
What is EBA and what are its objectives?
The EBA Guideline is set out on the internal governance arrangements to outsource internal services, activities, and functions.
The objective of this set of guidelines is to harmonize financial institutions in Europe, with one set of rules for all outsourcing arrangements with third party service providers or intra-group.
Who does it apply to?
Credit institutions
Investment firm, with permission to hold client money or deal on their own account.
Payment and electronic money institutions
Payment and electronic money institutions
Central Repository
- Store, view, monitor, and analyze data from multiple sources
- Detailed on-demand reports
Real-time alerts
- Notifications for suspicious activity taking place in Zycus’ environment
360 Degree Auditing
- System to ensure the integrity, confidentiality, and security of user data
Security
- Capability to secure hardware assets storing data
- Encryption of information in transit
- Mechanism for identifying, responding to, and reporting a breach
Privileged Account Management
- Ability to identify and control who accesses sensitive information
Vulnerability Assessment
- A tool for regularly identifying and securing vulnerabilities
- Monitoring system for assets and systems that carry any form of personal information
Zycus Solutions for EBA Guidelines for Outsourcing
Spend Analysis
- Monitor supplier performance with focus on spend anomaly and fraud detection
- Linkage of external market intelligence to suppliers for risk reduction
Supplier Management
- Strict control on regulatory compliance during supplier on-boarding process
- Supplier based configurable approval workflows to implement data stewardship
eSourcing
- Instant visibility into savings and sourcing event statistics per supplier basis
- Interactive what-if evaluation and automated supplier ranking
Procure-to-Pay
- Supplier centric preferred-buying-process and compliance with Guided Buying
- Provision to ramp up security through additional approvals for supplier’s invoice payment
Contract Management
- As per the EBA Guidelines Annex, the Zycus CLM Solution is configured and has provisions to:
- Capture metadata for each outsourced activity using an unique identifier along with 27 different fields
- Add metadata for each supplier, outsourced service provider, contractor , or subcontractor in the Zycus iContract Authoring and Repository Modules
- Zycus Merlin Risk Bot tracks & throws alert on non-compliant contract clauses per supplier basis
Performance Dashboard
- Monitor performance with focus on reporting for critical functions associated with each supplier
- Intelligence reports & dashboards for quick analysis of supplier performance
