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