CTRL 8.2.6 Contingency arrangements

(1) An authorised firm that enters into a material outsourcing arrangement must make comprehensive contingency arrangements to allow its business to continue in the event of a significant loss of services from the service provider.
(2) The contingency arrangements must include:
(a) an exit strategy; and
(b) if appropriate, provision for partial exit and step-in.
(3) The contingency arrangements must cover at least the following:
(a) a significant loss of resources at the service provider;
(b) financial failure of the service provider;
(c) unexpected termination of the outsourcing arrangement.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)