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Effective from 2019-12-15 - Dec 14 2019 To view other versions open the versions tab on the right
40.
Banks are required to keep a register of all their outsourcing arrangements. The documentation for each outsourcing arrangement should include at least the following information:
With regard to the outsourcing arrangement
a)
A reference number for each outsourcing arrangement;
b)
A brief description of the function that is outsourced;
c)
Whether it is considered Material or not, the reasons why it is considered as such and the date of the last respective assessment; and
d)
Whether or not personal and confidential data is processed, transferred or held by the third party service provider.
With regard to the third party service provider
a)
Their name and registered address; and
b)
Location of third party service provider.
In addition, the outsourcing register should include at least the following information with regard to the outsourcing of Material functions:
a)
The date of the last risk assessment and a brief summary of the main results;
b)
The individual or decision-making body or committee in the bank that approved the outsourcing arrangement;
c)
The commencement date and, as applicable, the expiry date and/or notice periods; and
d)
The date of the last and next scheduled audit, where applicable.
