Outsourcing Regulations

This topic provides focused legal and regulatory insight into the outsourcing of functions, services and activities by banks and other regulated financial institutions in Nigeria, including the governance and supervisory requirements applicable to outsourcing arrangements, third-party and concentration risk, due diligence, material and critical functions, contractual safeguards, confidentiality, data protection, cybersecurity, business continuity, service-provider oversight, audit and access rights, and regulatory reporting and notification obligations. It also addresses Central Bank of Nigeria directives and guidelines and evolving regulatory expectations concerning third-party risk management, technology and cloud service providers, cross-border outsourcing, operational resilience and regulatory enforcement, providing a practical and authoritative resource for understanding the legal and regulatory considerations involved in structuring, implementing and managing outsourcing arrangements within Nigeria’s financial services sector.