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Banks must ensure they have sufficient and appropriate resources to manage and monitor the outsourcing relationship. The type and extent of resources required will depend on the materiality of the outsourced business function or activity. At a minimum, monitoring must include:
a)
Maintaining appropriate levels of regular contact with the third-party service provider. This will range from daily operational contact to senior management involvement; and
b)
A process for regular monitoring of performance under the agreement, including meeting criteria concerning service levels.
36.
Banks should immediately report any breaches of legal and or regulatory requirements or any adverse developments and problems affecting the outsourcing arrangement to SAMA. The report should also include measures proposed and taken for continuity of the service.
37.
Where a Material outsourcing agreement is terminated, banks must notify SAMA immediately and provide a statement about the transition arrangements and future strategies for carrying out the outsourced material business function or activity.
