Regulatory Alerts2026-07-29
Added
Consultation Paper on Standards for Outsourcing Arrangements and Third-Party Risk Management (July 2026)
The Bank of Jamaica proposes a Standard of Sound Practice establishing minimum supervisory expectations for the governance, oversight, and risk management of outsourcing and third-party arrangements for licensees under the Banking Services Act. The draft requires licensees to identify, assess, and control operational, cyber, legal, and reputational risks arising from these relationships, including those involving cloud computing, affiliates, and subcontractors. Upon finalization, material outsourcing contracts expiring within 24 months may remain unamended, while new contracts must fully comply with the standards immediately. Existing material contracts expiring after 24 months must be reviewed for amendability, and all licensees must submit a list of existing contracts within six months of issuance.
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