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P19_Seven Deadly Sins of Outsourcing_Laura Jones_6.12.19

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Seven Deadly Sins of Outsourcing: Managing Third-party risks

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P19_Seven Deadly Sins of Outsourcing_Laura Jones_6.12.19

  1. 1. The Seven Deadly Sins of Outsourcing Laura A. Jones, Senior Manager, Integrated Risk Management Floor & Decor Outlets of America, Inc.
  2. 2. 2 Defining Outsourcing • “Outsource” or “outsourcing” refers to the process of having an external entity complete a task, business process or project. • A deadly sin of outsourcing (DSO) is a failure where outsourcing is concerned.
  3. 3. 3 Common Reasons to Outsource • Lacking required skills within the organization • Freeing internal resources • Gaining access to best-in-class capabilities • Reducing and controlling operating costs
  4. 4. 4 DSO-1: Failing to Align to Business Strategy • Not confirming ability to meet requirements • Disregarding potential impacts of partnering • Failing to engage business stakeholders
  5. 5. 5 DSO-2: Failing to Qualify Vendor Support • Indecision on when to outsource vs. insource • Not confirming ability to meet business objectives • Failing to understand risk profiles and impacts
  6. 6. 6 DSO-3: Failing to Instill Governance • Shifting ownership and accountability • Failing to maintain oversight and insight • Vague or absent policies and processes
  7. 7. 7 DSO-4: Failing to Assess Risk • Not performing initial or follow up assessments • Ineffective evaluation of risk and compliance • Not requesting the right to audit or reassess
  8. 8. 8 DSO-5: Inability to Maintain Control of Assets • Ineffectual contractual security language • Unable to map assets to sub-entities • Not clarifying policy and procedures
  9. 9. 9 DSO-6: Failing to Deliver Business Value • Misalignment of scope to business objectives • Not fostering a team environment • Inability to demonstrate return on investment
  10. 10. 10 DSO-7: Permitting Shadow IT • Perpetuating divergent objectives • Circumventing processes that reduce risk • Not determining effectiveness of internal controls
  11. 11. Many DSOs can be avoided when people, processes and technology work in unison. Putting the right components in place will make a positive difference in any organization. Key Take-away Thank you

Seven Deadly Sins of Outsourcing: Managing Third-party risks

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