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ARTICLE · 21 FEBRUARY 2014

Outsourcing For Financial Institutions – B-10 Is Not Enough

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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With respect to outsourcing arrangements, federally regulated entities (FREs) are well aware of the expectations of the Office of the Superintendent of Financial Institutions (OSFI) set out in Guideline B-10: Outsourcing of Business Activities, Functions and Processes (Guideline B-10).

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Bonny Murray
Bonny Murray
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With respect to outsourcing arrangements, federally regulated entities (FREs) are well aware of the expectations of the Office of the Superintendent of Financial Institutions (OSFI) set out in Guideline B-10: Outsourcing of Business Activities, Functions and Processes (Guideline B-10). But OSFI's expectations with respect to outsourcing arrangements extend beyond Guideline B-10, and compliance with Guideline B-10 is not enough.

GUIDELINE B-10

Guideline B-10 is the primary guideline with respect to material outsourcing arrangements. It sets out OSFI's expectations for FREs that outsource or contemplate outsourcing one or more of their business activities to a service provider, including the implementation of an outsourcing policy and the assessment of the risk and materiality of outsourcing arrangements. As between an FRE and its service provider, OSFI expects:

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