Monday, April 11, 2005

SAS 70 Standard Helps Bankers Evaluate Outsourcers

SAS 70, or the Statement on Auditing Standards No. 70, was developed by the New York-based American Institute of Certified Public Accountants. It can be used to ensure internal compliance and that vendors abide by the rules, executives said.

Chicago-based Northern Trust Corp. uses the SAS 70 format to evaluate whether large outsourcing vendors are compliant with various government regulations, such as the Sarbanes-Oxley Act and the Gramm-Leach-Bliley Act, said Katy Hurst, global disaster recovery director at the bank.

Northern Trust has beefed up its effort to scrutinize current and potential outsourcing partners because regulators have made it clear that "outsourcing relationships are subject to the same risk management practices" as those used in-house, Hurst said at the American Bankers Association's Bank Outsourcing Forum here last week.

SAS 70 Standard Helps Bankers Evaluate Outsourcers

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