Although the financial services industry is a large buyer of outsourcing services, it still lags behind other industries especially regarding business process outsourcing (BPO). This research in progress asks why. The main hypothesis is that subjectively perceived risk is decisive for senior management's attitude towards BPO. A causal model will be developed, derived from Perceived Risk Theory and a review of the literature on the usefulness of outsourcing. Using the model, the influence of different risk and utility facets on the attitude towards BPO is assessed. The next research step will be an empirical test of the model.