Regulatory Alerts2022-02-01 | 24002Added · Updated
Guideline for the Management of Outsourcing Risks
The Central Bank of Trinidad and Tobago establishes minimum standards for Regulated Financial Institutions to manage risks arising from outsourcing material activities, functions, and services. Institutions must maintain a board-approved outsourcing policy, keep a centralized list of all outsourcing contracts, and conduct annual risk evaluations for material arrangements. The guideline mandates specific due diligence, access rights for supervision, and robust business continuity plans, particularly for cross-border providers and cloud computing services.
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