Regulatory Alerts2023-01-01
Guidelines on Outsourcing of Services by Financial Institutions, 2023
The Registrar of Financial Institutions issued these Guidelines to ensure financial institutions establish robust policy frameworks for managing outsourcing arrangements. They mandate appropriate internal due diligence, approval, and ongoing monitoring for all material outsourcing, requiring financial institutions to manage associated risks effectively. The guidelines detail responsibilities for boards and senior management, criteria for classifying material activities, and requirements for Registrar's approval, ensuring compliance and operational stability.
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