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Effective from 2019-12-15 - Dec 14 2019 To view other versions open the versions tab on the right
16.
Banks must be able to demonstrate to Saudi Central Bank that, in assessing the options for outsourcing a Material business function or activity to a third party, it has:
a)
Prepared and analyzed a business case for outsourcing the Material business function or activity;
b)
Analyzed the impact of the outsourcing on the overall risk profile and its impact on systems and controls within the bank;
c)
Undertaken a tender or other selection process for third-party service providers;
d)
Undertaken a due diligence review of the chosen third-party service providers, and its financial, technical and ethical capabilities;
e)
Considered the risk arising from outsourcing multiple activities to the same third-party service provider;
f)
Involved the Board or its delegated authority or a Board committee, in approving the agreement;
g)
Has put in place a comprehensive outsourcing agreement;
h)
Established procedures for monitoring performance under the outsourcing agreement on a continuing basis;
i)
Addressed the renewal process for outsourcing agreements and how the renewal will be conducted; and
j)
Developed contingency plans that would enable the outsourced business function or activity to be provided by an alternative third party service provider or brought in-house, if required.
17.
Banks are required to ensure that the process of awarding outsourcing contracts is free from any conflict of interest. Banks must declare to Saudi Central Bank any affiliation or relationship with the third party service provider.
