Regulatory Alerts2015-06-30
Proposed Amendments to the Operational Risk Management Module (OM) for Banks
The Central Bank of Bahrain requires financial institutions to submit a standardized list detailing all outsourced services that process customer information. The submission must specify the outsourcing type, provider location, contract expiration dates, and any third-party sub-outsourcing arrangements. This reporting framework enables the regulator to monitor operational risk exposure and ensure continuous compliance with data protection standards across the banking sector.
List of Outsourced Services Containing Customer Information as of 30th April 2015 Name of Financial Institution: ________________________________________ Name & Email of Contact Person: ________________________________________
No. Outsourced Service (Specific Aspects of Work Outsourced) Type of Outsourcing Name of Service Provider Location of Service provider When the Contractual Arrangement is Due to Expire Details of Sub-Outsourcing by service provider to a third party (if any) Intragroup Third Party In Bahrain Outside Bahrain Name of Service Provider Location When the Contractual Arrangement is Due to Expire CBB Licensee Not CBB Licensee Country