Regulatory Alerts2024-07-02
Decision on the Management of Risks Arising from Outsourced Activities
The Executive Board of the National Bank of Serbia issued this Decision to establish detailed terms for banks managing risks associated with outsourcing activities to third-party service providers. It mandates that banks integrate outsourced activities into their risk management systems, conduct rigorous pre-outsourcing analyses, and maintain comprehensive contractual obligations regarding supervision, business continuity, and data protection. Furthermore, the regulation requires prior notification to the NBS for significant outsourcing decisions, regular annual reporting, and the maintenance of centralized records of all outsourced activities.
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