Prior to entering into an agreement to outsource a material business activity, Banks must obtain the non-objection of the Central Bank. When requesting the non-objection, Banks must provide the Central Bank with the following at a minimum:

1. A brief explanation of the business activity to be outsourced;
    
2. A summary of the materiality assessment;
    
3. A summary of the risk assessment;
    
4. A summary of the due diligence performed and its outcome;
    
5. A confirmation of the agreement of the internal audit function and the compliance function;
    
6. An overview of any closely related outsourcing agreements;
    
7. Confirmation of compliance with the requirements of the Outsourcing for Banks Regulation;
    
8. Evidence of the approval of the proposed outsourcing by the Board or Board committee.

The Central Bank will either grant the non-objection or request further information. Banks are encouraged to discuss their material outsourcing plans early on and coordinate with the Central Bank to avoid the non-objection process delaying the outsourcing.