Regulatory Alerts2006-05-16 | CD-SIBOIF-421-1-MAY16-2006Added · Updated
Norm on the Contracting of Service Providers for the Performance of Operations or Services on Behalf of Financial Institutions
Resolution No. CD-SIBOIF-421-1-MAY16-2006 establishes minimum requirements for supervised financial institutions to contract third-party service providers for continuous or temporary operations. The regulation mandates that institutions evaluate associated risks, determine the materiality of agreements, and implement risk management and monitoring programs. It defines the responsibilities of the board of directors and management, requiring clear policies, pre-contractual evaluations, and comprehensive contracts that address service levels, compliance, dispute resolution, and contingency planning for material contracts.
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