7.1 Outsourced activities remain fully in scope of the Bank’s internal audit and compliance responsibilities.
7.2 The internal audit function must regularly review and report to the Board, or the Board audit committee, on compliance with and the effectiveness of the Bank’s Outsourcing policies and procedures.
7.3 The compliance function must regularly review and report to Senior Management, or to the Board as necessary, on the compliance of Outsourcing service providers with the legislations, regulations and policies applicable to the Bank.