As a huge implementation project is launched on post-trade process outsourcing, it can be comfortable to postpone the details around the following governance and monitoring. But this is where it gets really interesting. Niklas Nyberg of SEB brought his team on-stage at PostTrade 360° Oslo on Wednesday, to look at how the everyday running of their outsourcing to BBH is set up.
Conference moderator Göran Fors took a double role, as he worked deeply in the project himself and decided to self-admittedly “gate-crash” the discussion.
“This is an enormous undertaking: to have an outsourcing and being able to follow everything on the regulatory side, on the internal side, on the cyber side …,” he summed up.
Joining Niklas and Göran as panelists were …
Catharina Buresten, head of risk management,
Susanne Öhrn, information security and cyber risk manager, and
Martin Axelsson, senior legal counsel.
Catharina Buresten shared details:
“It is very important to both have an internal structure where we have clear roles of what we do in this outsourcing. We have an executive responsible, we have a vendor manager, we have a contract administrator, and then we have representatives working with us from both legal compliance, Susanne, and myself from operational risk management. And then we also need to set up a structure together with our supplier in order to govern the full outsourcing. In this case, it is complex because it’s both an IT outsourcing and an operational outsourcing. And we do that by having a set of committees where we have participants from both ourselves and the supplier who represent their areas.”
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