The objective of this Regulation is to establish the minimum acceptable standards for Banks’ approach to managing the risks related to Outsourcing arrangements with a view to:

1. Ensuring the soundness of Banks; and
2. Contributing to financial stability.

The accompanying Standards supplement the Regulation to elaborate on the supervisory expectations of the Central Bank with respect to Outsourcing arrangements.

As one of the principles underpinning this Regulation, a Bank must ensure that its Outsourcing arrangements, neither diminish its ability to fulfill its obligations to customers and the Central Bank, nor impede effective supervision by the Central Bank.