A firm should be prepared to manage all types of risks which has the potential to affect the critical services. It’s to be understood that the firm is bound to encounter number of risks and should leverage different risk management frameworks, as appropriate, to offer holistic and comprehensive support to the critical services.
The firms should at least put in place a risk management framework to manage the following:
- Operational Risk Management
- Business Continuity Plan
- Third Party Dependency Management
- ICT & Cyber Security