Regulatory Alerts2022-05-11
Reserve Bank of New Zealand BS11 Outsourcing Policy
The Reserve Bank of New Zealand issued the revised BS11 Outsourcing Policy to mandate that large banks maintain operational resilience and ensure the continuity of basic banking services during disruptions or statutory management. The document imposes strict risk mitigation requirements, including the maintenance of a centralized compendium of arrangements, robust backup capabilities, and specific contractual terms for various outsourcing relationships. Compliance is enforced through a non-objection process for certain arrangements, mandatory separation plans, and a five-year transitional period with external reviews.
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