A growing number of financial services companies are seeing outsourcing as an attractive business model because of rising competitive pressures and industry consolidation. Conducting regular risk assessments and performance monitoring for these third-party services is crucial. Furthermore, the EBA and the Bundesbank are continuously updating rules and guidelines in Europe and Germany, which complicates outsourcing and procurement compliance management processes. And the processes most companies currently use are highly manual and carry large overhead costs. Typical challenges with outsourcing and procurement compliance management processes include the following:
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