Chapter 7: Control and Monitoring
Effective from 2019-01-13 - Jul 09 2019
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| 17- | The finance company should put in place internal procedures to monitor and manage all of their outsourcing activities and to provide timely reports to senior management. |
| 18- | The finance company should ensure that its business continuity is not compromised by any outsourcing contracts or agreements. The finance company should have a contingency plan which outlines the procedures to be followed in the event of sudden termination of any outsourcing contract or agreement or the inability of the External Service Provider to fulfill its obligations for any reason. In addition, the finance company should document within its business continuity plans the availability of an alternative External Service Provider or the procedures for bringing the outsourced function in-house. |