Basel Committee consults on principles for the sound management of third-party risk
By Bank for International Settlements (BIS)
In July 2024, the Basel Committee on Banking Supervision (BCBS) issued a consultative document proposing 12 high-level Principles for the Sound Management of Third-Party Risk. This update marks a significant shift from the 2005 "Outsourcing in Financial Services" guidelines, recognizing that modern banking has moved far beyond traditional outsourcing.
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