This message was posted by a user wishing to remain anonymous
Outsourcing and Third Party service definitions can be synonymous. The service should be rated by inherent risk in consideration with the organizations risk appetite and policy. Then, due diligence required should be commensurate with the risk. This also assists in monitoring the contractual terms, as many of these services are auto renewed and single user agreements. Additionally, if more than one user, should consider how provisioning is monitored when the users leave your organization as you may continue to pay for a service that can be consumed outside your purview. Your organization could be at risk of paying for services they don't need, if not appropriately monitored.
Original Message:
Sent: 04-14-2023 11:34 AM
From: Anonymous Member
Subject: How do other FS Firms classify externally hosted Trade Surveillance tools
This message was posted by a user wishing to remain anonymous
Hi
Specifically I am referring to tools like Nasdaq Smarts and Tradinghub Mast, that consume trade data, compare against market activity, and produce alerts for SME review.
Thanks
Original Message:
Sent: 04-14-2023 10:43 AM
From: ISABEL GUERRERO
Subject: How do other FS Firms classify externally hosted Trade Surveillance tools
Can you give us an example of what you are referring to as trade surveillance tools?
Original Message:
Sent: 04-14-2023 05:31 AM
From: Anonymous Member
Subject: How do other FS Firms classify externally hosted Trade Surveillance tools
This message was posted by a user wishing to remain anonymous
Hi
I am interested in how other financial service firms classify their trade surveillance tools, if externally hosted.
Outsourcing or Third Party service?
We have traditionally thought of them as Software providers; the decision making remaining in house with our SME.
I would be interested in others classification and rationale please
Thanks