An outsourcing risk assessment should consider the following: * Strategic goals, objectives, and business needs of the financial institution. * Ability to evaluate and oversee outsourcing relationships. * Importance and criticality of the services to the financial institution. * Defined requirements for the outsourced activity. * Necessary controls and reporting processes. * Contractual obligations and requirements for the service provider. * Contingency plans, including availability of alternative service providers, costs and resources required to switch service providers. * Ongoing assessment of outsourcing arrangements to evaluate consistency with strategic objectives and service provider performance. * Regulatory requirements and guidance for the busin