Article 22 5

(a)

assess any risks that may arise from outsourcing, including any concentration risks and risks related to sub-contracting, before the signing of any contractual arrangement;

(b)

identify and manage effectively the risks related to any outsourcing of the SIPS critical functions, operations and/or services;

(c)

ensure the assessment of any conflict of interests related to the outsourced functions, operations and/or services;

(d)

exercise audit rights necessary to assess the related outsourcing risks and to comply with its regulatory obligations. This shall include a plan for audits and inspections on the outsourcing service provider related to the SIPS critical functions, operations and/or services.