Regulatory Alerts2024-10-11
Added · Updated
Gen S 10.10 Outsourcing Standard Final 2024
Issued by the Namibia Financial Institutions Supervisory Authority (NAMFISA), this standard mandates that all financial institutions and intermediaries comply with strict outsourcing rules, including a prohibition on outsourcing principal business functions. It requires boards and senior management to implement a triennially reviewed outsourcing policy, conduct rigorous due diligence, and adhere to seven core principles covering contracts, IT security, data confidentiality, concentration risks, regulatory access, and orderly termination. The regulation further enforces a mandatory 30-day written notification window for new, amended, or terminated outsourcing agreements and grants NAMFISA supervisory oversight powers over existing arrangements during a 12-month transitional period.