Getting third party management right: confidence in your digital future

PwC Straight Away - MAS Outsourcing Guidelines

The Monetary Authority of Singapore (“MAS”) released the Guidelines on Outsourcing on 27 July 2016 with an immediate effective date. These represent updated requirements on the previously issued MAS Guidelines on Outsourcing and introduce guidance on cloud services.

PwC has reviewed these Guidelines and summarised the key points to consider in the following "Straight Away" document for our clients.

Trust is so important where you rely upon others to keep your promises. Specialisation, offshoring, outsourcing and cost cutting - this is the reality of business and your reliance on third parties will only grow. A complex portfolio of relationships needs to work effectively to deliver the promises you make to all your stakeholders.

Download

Third party trust

Who’s keeping your promises?

  • Promise vs profit
    Promise and profit can be conflicting objectives. Customers, suppliers, investors all expect your business to make promises. Factor in the interests of internal departments and subsidiaries, combined with the pressure to be profitable, and the margin for error in delivering your promises is increasingly small.
  • Broken promises
    High-profile events such as oil spills, illegal dumping of waste, rights violations, mis-selling and over-billing represent broken promises and worse, an opportunity for your competitors to take advantage.
  • Your reputation depends on keeping your promises
    Your business's reputation is all about making and keeping promises. What will happen if customers and suppliers lose trust in you because you fail to keep your promises? The effective management of your portfolio of promises and relationships are a strategic and commercial imperative.
  • We work with senior management to understand your ecosystem of promises and relationships and to identify which matter most.
  • We embed into your operating model a focus on understanding and keeping promises.
  • We engage cross-sector to bring you the relevant insights.
  • We work with you to influence your third parties to keep your promises.
  • We help you improve related policies, processes, data and technology.
  • We bring a battle-tested tool kit and expert team to help you rapidly identify what matters

Find out more about the other gamechangers:

Cyber security

Building digital trust

Culture and behaviours

Culture and behaviours

Regulatory response

Regulatory response

Enterprise resilience

Enterprise resilience

Transformation confidence

Transformation confidence