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Critical Region, Critical Values and Significance Level01:16

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The critical region, critical value, and significance level are interdependent concepts crucial in hypothesis testing.
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Outsourcing critical financial system operations.

Nora Cox, Jan Pilbauer

    Journal of Business Continuity & Emergency Planning
    |March 30, 2018
    PubMed
    Summary

    Payments Canada uses strategic outsourcing for critical financial systems, focusing on relationship management, continuous learning, business evaluation, and resilience. This approach ensures focus on core competencies while managing risks in a evolving financial landscape.

    Area of Science:

    • Financial Systems Management
    • Strategic Sourcing
    • Risk Management

    Background:

    • Payments Canada operates national payment systems, managing critical clearing and settlement infrastructure.
    • The organization faces national regulations and global standards, necessitating strategic sourcing.
    • Outsourcing is a key strategy for this organization to manage its operational scope.

    Purpose of the Study:

    • To outline Payments Canada's strategic approach to outsourcing critical financial system operations.
    • To detail the principles guiding their outsourcing strategy.
    • To explore the organization's resilience and security strategy in the context of outsourcing.

    Main Methods:

    • The paper outlines a strategic sourcing approach centered on four key principles.

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  • It details Payments Canada's resilience and security strategy.
  • The study examines risk appetite and the evolving business landscape.

    • Main Results:

    • Outsourcing is a fundamental element of Payments Canada's operating model.
    • The strategy enables focus on core business competencies.
    • It eliminates the need for in-house expertise in non-core areas.

    Conclusions:

    • Payments Canada's outsourcing strategy enhances organizational resilience and security.
    • Continuous evaluation and adaptation are crucial for managing outsourced critical systems.
    • Outsourcing supports modernization efforts and future operational efficiency.