Regulatory Alerts2022-09-01
Reserve Bank of New Zealand BS11 Outsourcing Policy September 2022 Revision
The Reserve Bank of New Zealand issued the September 2022 revision of BS11 to impose outsourcing policy requirements on large banks registered under the Reserve Bank of New Zealand Act 1989. The policy mandates that banks maintain robust risk mitigation provisions, including separation plans and compendiums, to ensure they can continue providing basic banking services and meet time-critical obligations during a failure or extreme event. This revision introduces a temporary suspension clause allowing banks to temporarily bypass certain risk mitigation requirements for up to twelve months when addressing the impact of an extreme event.
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