Regulatory Alerts2022-05-11
Added · Updated
Pre-approved Functions and Services for the Purposes of BS11: Outsourcing Policy for Registered Banks
The Prudential Supervision Department issued this March 2017 document to define specific categories of software, data services, and contract variations that are exempt from the full outsourcing requirements of BS11 for registered banks. The policy explicitly excludes proprietary and licensed software hosted on bank systems with direct vendor support, as well as annual contract renewals involving only commercial term adjustments. Additionally, the exemption covers market information services, real estate appraisals, and data matching services, thereby streamlining regulatory compliance for these low-risk operational activities.
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