Transferring tasks to external providers, often heavily regulated.
Outsourcing is when a company permanently hands tasks it could also perform itself to a third party. In regulated industries like finance the term is narrowly defined and comes with obligations: risk analysis, contractual requirements, ongoing monitoring and notification of material outsourcing. Rules such as DORA, VAIT and BAIT specify exactly how institutions must manage their outsourcing. The IT provider thereby becomes a monitored outsourcing partner.
Whoever delivers to regulated customers quickly becomes part of their outsourcing management, and that brings obligations. The customer must assess the provider, embed them contractually and monitor them continuously, and passes these requirements on as questionnaires, evidence requests and audit requests. This doesn't stop after the contract but recurs regularly. Whoever handles these requests confidently is in demand as an outsourcing partner in the regulated space; whoever treats them as a burden loses access.
With Tendry you efficiently handle the recurring requests from your customers' outsourcing management out of verified knowledge. How institutions manage their outsourcing on the buyer side is shown by our platform Leno.
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