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

1. The impact on the Bank’s ability to manage and control its risks;
    
2. The impact on the Bank’s performance and control over its performance;
    
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. The impact on the Bank’s ability to comply with its legal and regulatory requirements;
    
5. The nature of the data shared as part of the outsourcing agreement.