SARB Guidance Note 03/2008 on Outsourcing of Functions within Banks

South Africa

(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:

  1. Introduction;
  2. Scope of outsourcing arrangements;
  3. Ongoing monitoring of relationships with suppliers;
  4. Service-level agreements (SLAs);
  5. Contingency planning;
  6. Supervisory access to information;
  7. Policy information to other parties;
  8. Outsourcing of internal audit and compliance;
  9. Guidance on outsourcing; and
  10. Acknowledgment of receipt.

The Guidance Note replaces the SARB Circular No. 14/2004 on the same topic.