Financial services industry increasingly relies on IT service providers to support delivery of financial services. Increased regulatory scrutiny of financial institution risk assessment and management of outsourced IT services. The BITS IT Service Providers Working Group developed the BITS Framework for Managing Technology Risk for IT Service Provider Relationships in 2001. Additional regulatory and industry pressures and issues have since emerged. To address these changes, the Working Group has updated the Framework with further considerations for disaster recovery, security audits and assessments, vendor management and cross-border considerations.”]