Outsourcing Law & Business Journal™: May 2010
Posted May 18, 2010 by Bierce & Kenerson, P.C. · 
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OUTSOURCING LAW & BUSINESS JOURNAL (™) : Strategies and rules for adding value and improving legal and regulation compliance through business process management techniques in strategic alliances, joint ventures, shared services and cost-effective, durable and flexible sourcing of services. www.outsourcing-law.com. Visit our blog at http://blog.outsourcing-law.com for commentary on current events.
Insights by Bierce & Kenerson, P.C., Editors. www.biercekenerson.com
Editor’s Note:
In the aftermath of the recession, government regulators are looking at new ways to protect the financial information of consumers and businesses alike. This issue examines the potential impact of what a new Consumer Financial Protection Agency Act could mean for service providers, enterprise customers, and related outsourcers.
Vol. 10, No. 5 (May 2010)
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1. Financial Services Outsourcing: New Roles and Risks under a Consumer Financial Protection Agency. The financial services industry is facing major regulatory changes following the global sub-prime credit crisis and ensuing recovery plans. These changes will have a major impact on outsourcers that deal with consumer financial information or in back-office support for financial investment transactions that are deemed unfair, deceptive or abusive. The adoption of a new Consumer Financial Protection Agency Act would not only have a significant negative impact on the risks and costs of outsourcing of IT and business process functions by companies that deal with consumers. It would invite a new view of risk allocation between enterprise customers and independent contractors as outsourcers, increasing the costs of doing business by putting the service provider into a new role of whistleblower. It remains to be seen whether the analysis of public policy in this arena will spill over into other industries and other types of outsourcing. For the complete article, http://www.outsourcing-law.com/2010/05/financial-services-outsourcing-new-roles-and-risks-under-a-consumer-financial-protection-agency/
2. Online Form Builder for Consumer Privacy Notices. The privacy of consumer financial transactions was a cornerstone of the Gramm-Leach-Bliley Act (GLB). Eight U.S. federal regulators are responsible for enforcing the GLB privacy rule….On April 15, 2010, the eight federal regulators released an Online Form Builder that regulated financial institutions can download and use to develop and print customized versions of a model consumer privacy notice. For more see this link: http://www.outsourcing-law.com/2010/05/online-form-builder-for-consumer-privacy-notices/
3. Humor.
Consultant, n. (1) one who participates materially in the conduct of the client’s business without being a manager; (2) one who freely advises on the why and how without being responsible for the who, the what or the when; (3) aider and abettor.
Innovation, n. (1) a novel idea that benefits the client, employer or the consumer but rarely benefits the innovator; (2) joint venture in crime against the unprotected consumer.
Recklessness, n. (1) actions taken without regard to the impact on others; (2) transgression across the fine line between following instructions and challenging the validity of the instructions; (3) in the supply chain, any Faustian partnership between enterprise customer and its service providers.
4. Conferences.
June 6-8, 4th Annual IQPC Shared Services Exchange™, Austin, Texas, United States, an elite event for shared services executives who are looking to develop new strategy, solve challenges and source partners that will allow them to create efficiency and drive more value out of their shared services centers.
This event will continue IQPC Exchange’s ongoing tradition of offering cutting-edge, strategic networking and learning opportunities for senior level shared services executives, combining conference sessions, one-on-one business meetings and numerous networking functions to allow executives to speak with their peers. With pre-scheduled one-on-one advisory meetings and personalized itineraries, the Shared Services Exchange™ provides the opportunity to create an agenda that directly reflect the goals and initiatives of participating executives.
To request a complimentary delegate invitation or for information on solution provider packages, please contact: exchange@iqpc.com, call 1-866-296-4580 or visit their website at http://www.sharedservicesexchange.com/
June 15, 2010. FSO Knowledge Xchange is hosting the 4th Annual Financial Services Industry Transformation and Outsourcing Strategies Forum in New York, NY, a premier event focused on the ongoing evolution and transformation in the financial services industry. This forum will bring together senior decision makers, leaders and practitioners from the financial services industry, service providers, law firms, regulators, and outsourcing enablers in an interactive environment. This forum will focus on the emerging trends, analysis, executive perspectives, and enterprise case studies in the domain of financial services outsourcing. The forum will have sessions that will be conducted by established thought leaders in the industry. Register today by calling 732-462-3763 or visit http://www.fsokx.com/fsokx/FSITOForum2010/Introduction.aspx
July 14-16, 2010. IQPC Presents Shared Services for Finance and Accounting, Chicago, Illinois. The SSFA 2010 Summit brings together leading financial shared services experts to network, benchmark and learn through keynote presentations, interactive roundtables, case studies and discussion panels. This program will help you improve internal accounting processes, maximize your efficiency with less resources, make smarter sourcing decisions, and drive continuous value through your financial services. For more information, visit http://www.sharedservicesfa.com/Event.aspx?id=314126
September 26-28, 2010. IQPC Shared Services Exchange™ Event, 2nd Annual, to be held in The Hague, Netherlands. Shared Service Centres have long been seen as the cost saving centre of HR, Finance & Accounting and IT processes, but with changing employment trends and global challenges facing organisations, how can SSC’s continually offer service value?
Unlike typical conferences, the Shared Services Exchange™ , which will be co-located with the Corporate Finance Exchange™, focuses on networking, strategic conference sessions and one-on-one meetings with solution providers. The Exchange invites strategic decision makers to take a step back from their current operations, see what strategies and solutions others are adopting, develop new partnerships and make investment choices that deliver innovative solutions and benefits to their businesses.
To request your complimentary delegate invitation or for information on solution provider packages, please contact: exchangeinfo@iqpc.com, call +44 (0) 207 368 9709, or visit their website at http://www.sharedservicesexchange.co.uk/Event.aspx?id=263014
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