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Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2012 - Prudential Standard CPS 231 - Outsourcing
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Turn the raw legal text into a practical explanation grounded in Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2012 - Prudential Standard CPS 231 - Outsourcing.
A regulated institution must consult with APRA prior to entering into any offshoring agreement involving a material business activity so that APRA may satisfy itself that the impact of the offshoring arrangement has been adequately addressed as part of the regulated institution’s risk management framework.
If, in APRA’s view, the offshoring agreement involves risks that the regulated institution is not managing appropriately, APRA may require the regulated institution to make other arrangements for the outsourced activity as soon as practicable.