However, there has been a growing appreciation by such companies
of the potential risks involved when an organisation enters into
such agreements and companies become heavily reliant on
relationships with particular outsourcing service providers.
In recognition of the risks posed, and that outsourcing has
increased considerably in Bermuda over the past three years, the
Bermuda Monetary Authority has released new Guidance Notes on
outsourcing for the benefit of "relevant licensed
entities" (RLE).
In this context, the RLEs are banks, deposit companies, the
Bermuda Stock Exchange, corporate service providers, trust
companies, money service businesses, investment businesses, fund
administrators, and the credit union licensed by the BMA.
