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Infrastructure Resilience Conference 2018

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Revisiting Outsourced Services: Towards a Full Reconciliation Model for Financial Sector Resilience

The supply chain within the financial services sector is subject to rapid change, due to a number of factors. Cost pressure, digitisation and the emergence of service fragmentation – notably through fintechs – are decisive factors in restructuring supply chain relationships. Simultaneously, the financial institution as an entity is subject to ever more stringent regulation with regard to continuity and resilience, including service providers and business partners. As a result, financial institutions are facing conflicting objectives, inasmuch as optimising the supply chain is often inhibited by regulatory provisions. There are various trade-offs between regulatory requirements, company specific requirements and constraints, and accepted good practice. The paper aims at exploring the drivers of resilience in the context of strongly regulated environments. It includes accepted good practice and extends these to address supply chain optimization in the business sense, taking into account company specific requirements and constraints. We outline the results of a quantitative survey undertaken in the financial sectors of Switzerland, Austria and Germany and their impact on corporate and sectoral resilience. We relate the survey results to existing concepts of (critical) infrastructure resilience in the financial sector.

The paper thus presents initial empirical evidence to support the practical validity of the model and its assumptions. It provides an outlook on future research required, and a tentative indication of further initiatives.

Rolf von Rössing
Danube University Krems
Austria

Jens O. Meissner
HSLU
Switzerland

Sheron Baumann
HSLU
Switzerland

 

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