Banks must consider at least the following when determining the materiality of an outsourcing agreement:

1. 1.The impact on the Bank’s ability to manage and control its risks;
2. 2.The impact on the Bank’s performance and control over its performance;
3. 3.The impact of an outsourcing service provider’s failure to deliver the service as per the agreement, including failures to mitigate risks or to operate in a safe and prudent manner;
4. 4.The impact on the Bank’s ability to comply with its legal and regulatory requirements;
5. 5.The nature of the data shared as part of the outsourcing agreement.