From Bloomberg By Dawn Kopecki & Hugh Son May 22, 2013 JPMorgan Chase & Co.
Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks
(enacted in 2006)
The Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by Banks (guideline DBOD.No.BP.40/21.04.158/2006-2007) issued by the Reserve Bank of India, lay down a framework for managing the attendant risks in outsourcing by banks.
This guideline is organized as follows:
- Section 1 Introduction;
- Section 2 Activities that should not be Outsourced;
- Section 3 Material Outsourcing;
- Section 4 Bank’s role and Regulatory and Supervisory requirements;
- Section 5 Risk Management practices for outsourced Financial Services;
- Section 6 Centralised List of Outsourced Agents;
- Section 7 Off-shore outsourcing of Financial Services;
- Section 8 Outsourcing within a Group/ Conglomerate; and
- Section 9 Self-Assessment of Existing/Proposed Outsourcing Arrangements.