The Bank today issued the policy document on Outsourcing. The policy document aims to strengthen governance and risk management standards in managing outsourcing risk, particularly in light of changing business models and greater adoption of technology within the financial services sector. These requirements primarily cover:

• Expectations on the board and senior management in respect of the management of outsourcing risk;
• Due diligence of service providers and service level agreements;
• Protection of data confidentiality; and
• Business continuity planning.

A feedback statement has been issued concurrently with this policy document to articulate the Bank’s views on several areas of feedback.

This policy document is effective from 1 January 2019.

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