InterAksyon.com
The online news portal of TV5
MANILA ? The Bangko Sentral ng Pilipinas has adopted a more flexible approach to pinpointing which functions banks can outsource to third parties.
Under its Revised Outsourcing Framework, the BSP has identified broad themes open to outsourcing such that banks can better handle the risks attending such outsourced activities.
This deviates from the existing practice of the BSP listing specific functional areas that banks can outsource.
In revising its approach, the BSP said the new framework would allow it to keep abreast of market changes.
According to the revised framework, the following functions stay with the bank:
- Services associated with placement of deposits and withdrawals,
- Management functions such as position-taking and risk-taking activities,
- Managing exposures and
- Strategic decision-making.
The BSP also will require banks to commit to handling risks that arise from outsourcing and to abide by pertinent laws.
Outsourcing however will be available only to banks that meet a CAMELS rating of at least 3. CAMELS, which pertains to capital adequacy, asset quality, management quality, earnings quality, liquidity and sensitivity to market risks, is a measure of a bank?s overall health.
Banks with CAMELS of below 3 that want to outsource are required to seek BSP approval of such a move.
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Source: http://www.interaksyon.com/article/40323/bsp-revises-rules-on-bank-outsourcing
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