South African Reserve Bank - Banks Act Circular 14/2004 - Outsourcing of Functions within Banks


The South African Reserve Bank's circular to all chief executive officers of banks, branches of foreign banks and mutual banks aims to address only those outsourcing arrangements that could have a bearing on the risk profile of a bank or affect the systems and controls of a bank or be classified by the management of a bank as being of strategic importance or, lastly, have implications for the discharge of duties in respect of the supervisory. The outsourcing arrangements guidelines in this circular cover the following topics:

1. Ongoing Monitoring of Relationships with Suppliers
2. Service-Level Agreements (“SLAs”)
3. Contingency Planning
4. Supervisory Access to Information
5. Provision of Information to Other Parties
6. Outsourcing of Internal Audit and Compliance

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Monday, September 20, 2004
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South African Reserve Bank
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