Regulatory Alerts2023-06-23
Bank of Namibia Determination on Outsourcing in Banking Institutions and Cloud Computing (BID-34)
The Bank of Namibia issued this determination to establish comprehensive regulatory requirements for banking institutions managing outsourcing and cloud computing arrangements. It mandates that boards approve triennially reviewed outsourcing policies while senior management oversees risk assessments, due diligence, vendor selection, and contractual compliance for material activities. The framework classifies outsourced functions as core, material, or non-material, requiring prior Bank notification for material and critical shared services while permitting unrestricted outsourcing of non-material functions.
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