From CFO By Vincent Ryan September 23, 2014 In July, small business and middle market lender...
SARB Guidance Note 03/2008 on Outsourcing of Functions within Banks
(enacted in 2008)
Guidance Note 03/2008, issued by the South African Reserve Bank (SARB), addresses the outsourcing of banking functions by banks in South Africa. The Guidance Note is organized as follows:
- Scope of outsourcing arrangements;
- Ongoing monitoring of relationships with suppliers;
- Service-level agreements (SLAs);
- Contingency planning;
- Supervisory access to information;
- Policy information to other parties;
- Outsourcing of internal audit and compliance;
- Guidance on outsourcing; and
- Acknowledgment of receipt.
The Guidance Note replaces the SARB Circular No. 14/2004 on the same topic.