The revised FINMA circular 2018/3 “Outsourcing - Banks” has now been in effect for nearly a year. Experience has shown that institutions are having a hard time particularly with the risk-oriented monitoring of their outsourcing providers (including any sub-contractors these may have hired).
The Shared Service Center (SSC) / Global Business Services (GBS) and outsourcing industry, which is in a state of flux, now needs direction to move towards a mature state. The industry is pulled in different directions due to external and internal forces be it management disconnect, the political environment or the digital technological disruption.
The convergence of Global Business Services (GBS), robotic process automation (RPA), machine learning, and advances analytics represent the most disruptive force since the Industrial Revolution. Between now and 2025, up to two-thirds of the $9 trillion knowledge worker market place may be affected.