Regulatory Alerts2001-12-28
Added · Updated
Supervisory Policy Manual SA-2: Outsourcing
The Hong Kong Monetary Authority issues this non-statutory guideline to establish its supervisory approach to outsourcing by Authorized Institutions. The document requires institutions to retain ultimate accountability for outsourced activities while conducting comprehensive risk assessments and ensuring service providers possess adequate financial and operational capabilities. It further mandates robust contractual agreements, strict customer data confidentiality measures, effective contingency planning, and unimpeded regulatory access to outsourced data, with specific additional safeguards for overseas arrangements.
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