Global Basel Committee Proposes Updates to Outsourcing Risk Management for Banks

Tuesday, 9 July 2024, 19:18

The global Basel Committee of banking regulators has proposed new regulations that hold board directors accountable for outsourced services. The regulations require banks to manage the risk of service outages and disruptions to customer services effectively. This move aims to enhance accountability and transparency in the banking sector.

Global Regulators Tighten Rules on Banks Outsourcing Services

Board directors of banks must take ultimate responsibility for outsourced services and document how they manage the risk of outages and disruptions to customer services, the global Basel Committee of banking regulators proposed on Tuesday.

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