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Achieving effective oversight where third parties are outsourcing to ‘fourth parties’ in the supply chain
The concept of oversight of third parties is becoming established in the financial services industry. However, with an increasing number of third-party service providers further outsourcing their services, it remains unclear how much further down the chain a firm’s oversight has to stretch in order to be considered effective. This paper will cover a practical way firms can adopt to assess the extent to which such oversight can be provided with a sufficient basis for the approach taken by the firm.
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Tendai Bwanya is the director responsible for assurance and funds oversight in the Global Fiduciary Platform team at Legg Mason Global Asset Management in London. He has over 15 years’ experience in the financial services industry. He is responsible for developing and coordinating the programme of oversight activities for service providers of the firm, developing the firm’s strategic plan around third party partners, technology and product/regulatory change. Prior to joining Legg Mason Global Asset Management, Tendai spent three years at Lloyds Banking Group and eight years in assurance and advisory services with Deloitte LLP’s Investment Management and Private Equity (IMPE) team in London. While at Deloitte LLP, he was the lead on assurance reports on internal controls of service organisations made available to third parties (ISAE3402, SSAE16, SOC1 and AAF01/06 Reports).