Banks Act Circular No. 14 on Outsourcing of Functions within Banks
(enacted in 2004)
Issued by the Registrar of Banks, Banks Act Circular No. 14 on Outsourcing of Functions within Banks provides guidelines on the outsourcing of functions by banks in South Africa.
The circular is organized under the following headings:
- Concern of this office;
- Scope of outsourcing arrangements;
- Ongoing monitoring of relationships with suppliers;
- Service-level agreements (“SLAs”);
- Contingency planning;
- Supervisory access to information;
- Provision of information to other parties;
- Outsourcing of internal audit and compliance;
- Conclusion; and
- Acknowledgement of receipt.