Regulatory Alerts2024-11-08
Explanatory Notes to the Outsourcing Directive
The Bank of Ghana issued its revised Outsourcing Directive in November 2024 to establish a comprehensive risk management framework for Regulated Financial Institutions. The directive aligns with updated Basel Core Principles by broadening key definitions, restricting the outsourcing of strategic functions like Security Operations Centres, and mandating annual materiality assessments and due diligence reviews. It further strengthens governance by clarifying board responsibilities, enhancing audit and access rights for both institutions and regulators, and streamlining regulatory reporting and disclosure timelines.
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