Regulatory Alerts2022-05-11
Added · Updated
Summary of Submissions for Outsourcing Policy Review for Registered Banks
The Reserve Bank of New Zealand issued this document summarizing stakeholder feedback on proposed revisions to its outsourcing policy for large registered banks. The review addresses inconsistent application of the existing policy and aims to strengthen financial stability by ensuring outsourcing arrangements do not hinder a bank's ability to maintain liquidity and critical functions during failure or stress. Key changes include introducing a 'white list' of excluded functions, requiring robust backup capabilities for key outsourced services, and extending the transitional period to five years based on industry consultation.
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