all local and foreign banks operating in Bangladesh to develop
comprehensive policy guidelines for outsourcing some of their
services to ensure proper monitoring of the third-party services.
In a circular on Monday, BB said banks are increasingly
using outsourcing for reducing costs and achieving strategic
aims, but managing the risk factors associated with the third-
party services requires effective policy guidelines.
"Banks can mitigate these risks by taking steps to formulate
a comprehensive and clear outsourcing policies, analyze the
financial and infrastructure resources of the service provider,
negotiate appropriate outsourcing contracts, require contingency
planning by the outsourcing firm, and establish effective risk
management programs, the circular said.
BB directive also drew a detail of the principles of the
guideline to be followed by the banks when using outsourcing at
home or abroad, that would help banks better mitigate the
concerns.
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