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Bank of Russia recommends not to outsource critical processes

The Central Bank also recommended banks not to transfer to third parties banking operations and functions of risk management, internal control and internal audit to avoid the escalation of risks

MOSCOW, August 20. /TASS/. The Bank of Russia recommended banks in its information letter not to outsource certain critical processes, including approval of strategic documents, accounting and preparation and presentations of reporting statements to the Central Bank.

Furthermore, the Central Bank also recommended banks not to transfer to third parties (external contractors or banking group members) banking operations and functions of risk management, internal control and internal audit to avoid the escalation of risks.

Credit institutions are recommended to determine functions and responsibility of management authorities and units that exclude the conflict of interest as part of outsourcing risk management. Decisions on the outsourcing of critical processes should be made by the board of directors, the regulator said.

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