A licensee must formally notify the Central Bank at least 6 weeks before committing to a material intra-group outsourcing. The request must be made in writing to the licensee's normal supervisory contact, and must set out a summary of the proposed outsourcing, its rationale, and an analysis of its associated risks and proposed mitigating controls. The Central Bank will respond to the notification in the same manner and timescale as set in Section OM-2.3 above.
October 07