Regulatory Alerts2015-10-01 | 24035Added · Updated
Draft Outsourcing Guidelines for Financial Institutions
The Central Bank of Trinidad and Tobago establishes minimum standards for Regulated Financial Institutions to manage risks arising from outsourcing business activities to third parties. The guidelines require institutions to identify material outsourcing based on specific impact criteria, maintain a centralized list of contracts, and notify the regulator prior to entering into material arrangements. Existing non-compliant contracts must be reviewed and brought into compliance by the earlier of their renewal date or July 31, 2017, with initial notifications due within three months of issuance. Institutions must also implement comprehensive governance policies, due diligence frameworks, and contingency plans to ensure regulatory oversight and operational resilience.