Regulatory Alerts2023-11-21
Decision on Terms and Conditions of Outsourcing Relating to Financial Institution’s Information System
The Executive Board of the National Bank of Serbia issued this Decision to establish regulatory terms and conditions for financial institutions outsourcing information system activities to third parties. The regulation mandates that institutions maintain full responsibility for outsourced functions, implement rigorous risk management frameworks, and ensure business continuity through detailed exit strategies and service level agreements. Financial institutions are required to notify the regulator at least 30 days prior to concluding outsourcing contracts and submit comprehensive documentation regarding provider selection, risk assessment, and supervisory access.
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