Minimum Standards for the Outsourcing of Material Functions: 04/05/04

Published: Monday May 10th, 2004

The Central Bank recognises the need to provide guidance to its licensees on the subject of outsourcing.  These Guidelines set out the Central Bank’s approach to outsourcing and the major issues to be considered by licensees when entering into outsourcing arrangements.  Outsourcing involves a licensee entering into an arrangement with another party (including a related company) to perform a business activity which currently is, or could be, undertaken by the licensee itself.  These Guidelines have not been issued to encourage outsourcing, rather, the Central Bank, for prudential reasons, continues to favour the performance of material functions by licensees, as far as practicable. 
 
Comments on these Guidelines should be addressed to:
 
Policy Unit
Bank Supervision Department
Central Bank of The Bahamas
Market Street
P.O. Box N-4868
Nassau, Bahamas
 
Tel:    242-302-2615
Fax:    242-356-3909
 
Email:     [email protected]