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Unterforen: Obligation to Notify the National Competent Authority, Obligation to Draw Up a Contract, Initial Due Diligence and Ongoing Monitoring of Delegates

developing and maintaining business continuity plans; ensuring outsourced services have robust disaster recovery plans

maintaining effective communication channels with vendors; building and nurturing strategic relationships

ensuring compliance with applicable laws and regulations, such as CSSF Circulars in Luxembourg; regular audits and reviews to ensure ongoing regulatory compliance

drafting and negotiating outsourcing agreements; monitoring compliance with contract terms and conditions

ensuring the protection of sensitive data; implementing data security measures and monitoring vendor compliance

budgeting and cost management for outsourced services; analyzing the financial impact of outsourcing decisions

establishing Key Performance Indicators (KPIs); regularly reviewing vendor performance against agreed metrics; Implementing quality control processes; regularly reviewing and improving outsourced processes

keeping detailed records of all outsourcing activities; regular reporting to internal stakeholders and regulatory authorities

setting and managing Service Level Agreements (SLAs); ensuring that service levels are met consistently

assessing and selecting the right outsourcing partners; conducting thorough due diligence on potential vendors

Unterforen: Specific Conditions, Due Diligence and Ongoing Monitoring

Unterforen: Specific Conditions, Due diligence and Ongoing Monitoring

Unterforen: Specific Conditions, Due Diligence and Ongoing Monitoring