Regulatory Alerts2008-11-01
Outsourcing in the Banking Sector in the Bailiwick of Guernsey
The Guernsey Financial Services Commission issued this thematic report to assess operational risk management practices regarding outsourcing within the local banking sector. The review found that while most outsourced functions are intra-group and non-core, significant gaps exist in service level agreements and the formal definition of outsourcing across some institutions. The Commission urges banks to finalize pending agreements, expand definitions to include intra-group services, and enhance ongoing monitoring to align with international supervisory standards.
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