Regulatory Alerts2024-10-11
Added · Updated
NAMFISA Outsourcing Standard GEN.S.10.10 (2024)
Issued by the Namibia Financial Institutions Supervisory Authority (NAMFISA), this standard mandates that all financial institutions and intermediaries comply with structured outsourcing rules for material business functions while prohibiting the outsourcing of principal business. It requires boards and senior management to implement a triennially reviewed outsourcing policy, conduct rigorous due diligence, maintain robust contractual obligations, and manage risks related to IT security, confidentiality, concentration, data access, and orderly termination. Institutions must notify NAMFISA in writing within thirty days of entering into or amending agreements, and existing arrangements must be reviewed to achieve full compliance within a twelve-month transitional period.