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OM-2.8.5

Past version: Effective from 01 Jan 2020 to 31 Dec 2020
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For outsourcing of functions/services containing customer information, the following conditions must also be met:

(a) The outsourcing service providers must be annually audited by the licensee's internal audit team and the audit findings must be reported to the CBB;
(b) The service level agreement must clearly state that the CBB inspectors and appointed experts have the legal right to conduct onsite examinations of the outsourcing service provider and such expenses are to be borne by the licensee; and
(c) Any report by any other regulatory authority on the quality of controls of the outsourcing service provider must be submitted immediately by the licensee to the CBB.
Added: January 2020