Regulatory Alerts2022-05-11
Draft consultation paper on the review of the outsourcing policy for registered banks
The Reserve Bank of New Zealand invites submissions on proposed revisions to its outsourcing policy for registered banks to address risks identified in a 2014 compliance stocktake. The review aims to align the policy with the Open Bank Resolution framework by ensuring outsourcing arrangements do not compromise a bank's ability to maintain liquidity and continue operations during failure or statutory management. The Reserve Bank seeks feedback on whether the current outcomes-focused approach remains appropriate and how to better manage systemic risks associated with supplier failure and concentration.
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