Minimum Standards for the Outsourcing of Material Functions
Published: Tuesday May 4th, 2004
The Central Bank recognises the need to provide guidance to its licensees on the subject of outsourcing. These Guidelines set out the Central Banks approach to outsourcing and the major issues to be considered by licensees when entering into outsourcing arrangements. Outsourcing involves a licensee entering into an arrangement with another party (including a related company) to perform a business activity which currently is, or could be, undertaken by the licensee itself. These Guidelines have not been issued to encourage outsourcing, rather, the Central Bank, for prudential reasons, continues to favour the performance of material functions by licensees, as far as practicable.
Comments on these Guidelines should be addressed to:
Bank Supervision Department Central Bank of The Bahamas Market Street
P.O. Box N-4868
Email: [email protected]