16 April 2008
"Don’t Diligence" by Phil Albinus
"A panel of industry elites confirmed one glaring concern in the financial services world: major investment firms do not perform adequate due diligence when choosing an outsourcing partner," writes Special Projects Editor of Waters magazine in his weekly newsletter, covering DataArt Financial Technology Executive Seminar Efficiency vs. IP Protection in Outsourcing held at Harvard Club of NY on April 14, 2008.
"One speaker at the intellectual property panel, sponsored by DataArt, asked whether or not it is possible to truly perform tried-and-true due diligence. No outsourcing firm will ever admit to shoddy security and data-handling practices, so the best testimonials come from other leading banks. The same speaker recalled asking an outsourcing firm how they handle precious data. "Easy," the outsourcer replied. "We do what you, the bank, would do."