How to do audit of outsourcing service provider of Banking Organization Auditing an outsourcing service provider for a banking organization involves assessing various aspects of their operations, security measures, compliance with regulations, and overall performance. Here are some steps to conduct an audit of an outsourcing service provider for a banking organization: Define Audit Objectives: Clearly establish the objectives of the audit. Determine what specific areas you want to evaluate, such as data security, compliance, operational processes, financial controls, and service level agreements. Review Legal and Contractual Agreements: Examine the outsourcing contract and legal agreements between the banking organization and the service provider. Ensure that the contract covers all relevant aspects, including data protection, confidentiality, liability, and termination clauses. Assess Compliance: Verify if the outsourcing service provider complies with applicable laws, regulations, an...