In the midst of a financial downturn, information technology departments still find themselves entering new business process and information technology outsourcing arrangements and struggling with how to make these arrangements smarter and more cost-effective.
Despite limited budgets and new projects on hold, major outsourcing contracts still come up for renewal, while divestitures and reorganizations require institutions to enter into new contracts or modify existing ones. In addition, even as financial institutions put pressure on their information technology departments to keep their costs down, they also insist that their legal departments find ways to negotiate outsourcing arrangements in a more cost-sensitive manner.
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