Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2014 - Prudential Standard CPS 231 - Outsourcing
Notification requirementNotification requirement
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Notification requirement
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A regulated institution must notify APRA as soon as possible after entering into an outsourcing agreement, and in any event no later than 20 business days after execution of the outsourcing agreement. This notification requirement applies to all outsourcing of material business activities.
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When a regulated institution notifies APRA of a new outsourcing agreement, it must also provide a summary to APRA of the key risks involved in the outsourcing arrangement and the risk mitigation strategies put in place to address these risks. APRA may request additional material where it considers it necessary in order to assess the impact of the outsourcing arrangement on the regulated institution’s risk profile.