ASIC warned that licensees and advisers face \u201ccritical risks\u201d from loss of control over key functions, service disruptions, and potential conflicts created by foreign laws. It urged advice firms to regularly assess the performance and suitability of their outsourcing providers.<\/p>\n Now, VBP has released an 18-page guide outlining steps advice businesses could take to strengthen governance and meet their legal obligations when outsourcing.<\/p>\n VBP’s CEO Nathan Jacobsen<\/strong> said the ASIC report underlined the differing levels of compliance and oversight across the industry.<\/p>\n \u201cIt is in the best interests of consumers, advisers and the broader industry that all parties involved in the provision of advice, including suppliers and contractors, operate with a continuous focus on improving information security practices,\u201d he said.<\/p>\n \u201cThe risks are only rising, guaranteeing further regulatory scrutiny, and possibly intervention, if the industry cannot effectively and proactively manage these risks.\u201d<\/p>\n![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2025\/11\/VBP-Report.jpg\")
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