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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > RM Risk Management > Chapter RM-7 Outsourcing Risk > RM-7.2 Outsourcing Agreement > Access to Information > RM-7.2.10
  • Access to Information

    • RM-7.2.10

      Outsourcing agreements must ensure that the investment firm licensee'sG internal and external auditors have timely access to any relevant information they may require to fulfil their responsibilities. Such access must allow them to conduct on-site examinations of the outsourcing provider, if required.

      Adopted: July 2007

    • RM-7.2.11

      Investment firm licenseesG must also ensure that the CBB inspectors and appointed expertsG have timely access to any relevant information they may reasonably require to fulfil its responsibilities under the law. Such access must allow the CBB to conduct on-site examinations of the outsourcing provider, if required.

      Amended: October 2017
      Adopted: July 2007

    • RM-7.2.12

      Where the outsourcing provider is based overseas, the outsourcing provider must confirm in the outsourcing agreement that there are no regulatory or legal impediments to either the licensee'sG internal and external auditors, or the CBB inspectors and appointed expertsG , having the access described in RM-7.2.10 and RM-7.2.11 above. Should such restrictions be imposed, the licenseeG must communicate this fact to the CBB as soon as it becomes aware of the matter.

      Amended: October 2017
      Adopted: July 2007

    • RM-7.2.13

      The outsourcing provider must commit itself, in the outsourcing agreement, to informing the licenseeG of any developments that may have a material impact on its ability to meet its obligations. These may include, for example, relevant control weaknesses identified by the outsourcing provider's internal or external auditors, and material adverse developments in the financial performance of the outsourcing provider.

      Adopted: July 2007

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