Applying Appendix J | KPMG | US
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Applying Appendix J

Applying Appendix J

Understanding new guidance for financial institutions around technology service providers and business continuity risks


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Because financial institutions increasingly outsource operations to third-party technology service providers (TSPs), financial institutions must place a heightened importance on ensuring that their TSPs have business continuity plans that provide resiliency for the institution’s processes in the event of a widespread disruption or outage. Such adverse events can come from a variety of directions, including natural disasters, infrastructure failures, technology failures, or staffing shortages as well as from the constant and growing threat of cyber attacks.

KPMG’s Risk Consulting practice released a Point of View (POV) paper highlighting issues that financial institutions should consider when assessing the strength of their third-party risk management programs specifically with respect to TSPs, and when aligning their business continuity planning and third-party risk management programs to ensure they provide adequate, risk-based coverage of higher risk processes and third parties and how this applies to meeting the requirements of Appendix J.

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