Regulatory Alerts2021-12-21
Guidance on Outsourcing
Finanstilsynet issued this guidance to regulate outsourcing practices for all supervised entities, clarifying definitions, restrictions on core tasks, and risk management requirements. The document mandates that companies retain full responsibility for outsourced activities and conduct thorough pre-outsourcing risk assessments and vendor evaluations. It also details notification obligations under the Financial Supervision Act Section 4c and establishes that outsourcing must be anchored in the company's internal control and governance systems.
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