Our client is a leading international bank with a large footprint of 2402 domestic branches (including extension counters) and 12,922 ATMs spread across the country. The Bank also has operations in Singapore, Hong Kong, Dubai, Sri Lanka and China. With a balance sheet size of $59 billion, the Bank has achieved consistent growth and stable asset quality with a 5 year CAGR of 21% in Total Assets, 19% in Total Deposits and 28% in Net Profit
There is a tremendous pressure on all financial institutions to reduce costs while generating revenue. The banking sector is an immensely regulation driven market, with tremendous pressure on banks to protect customer information. Outsourcing is used to reap cost savings from suppliers with clear comparative advantages. However the risks stemming from outsourcing needs to be managed. Our client has put in place a third party vendor risk assessment program. The need of the hour was to improve the framework, scale the volume of assessed vendors and bring in efficiency and consistency.