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Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2014 - Prudential Standard CPS 231 - Outsourcing
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A regulated institution’s internal audit function must review any proposed outsourcing of a material business activity and regularly review and report to the Board or Board Audit Committee on compliance with the regulated institution’s outsourcing policy. Where APRA has exempted a regulated institution from having a dedicated internal audit function, or approved alternative arrangements under CPS 510, APRA may also vary the requirements of this paragraph.
APRA may request the external auditor of a regulated institution, or an appropriate external expert, to provide an assessment of the risk management processes in place with respect to an arrangement to outsource a material business activity. This could cover areas such as information technology systems, data security, internal control frameworks and business continuity plans. Such reports will be paid for by the regulated institution and must be made available to APRA.