Material Outsourcing definition

Material Outsourcing means such arrangements which, if disrupted, have the potential to significantly impact the business operations, reputation, profitability or customer service, and the materiality of outsourcing would be determined based on:
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Material Outsourcing means an outsourcing arrangement which, if disrupted, has the potential to significantly impact an insurer’s business operations, reputation and profitability;
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Material Outsourcing means the outsourcing of an activity of such importance that any weakness or failure in the provision of this activity could have a significant impact on the financial institution’s ability to meet its regulatory responsibilities and/or to continue in business;
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Examples of Material Outsourcing in a sentence

  • This Vendor availability for audit holds especially true when the product or service provided is a Material Outsourcing Arrangement.

  • Additionally, Vendor specific contact information must be made available for use during an incident.These plans must be updated regularly (recommended annually at a minimum, more often for Material Outsourcing Arrangements) and tabletop exercises conducted that include Vendor participation as part of routine scenario testing.

  • For example, not requiring business continuity plans if risk analysis does not deem it necessary.o The guidance is unclear on how to address risk analysis for Non-Material Outsourcing as all the regulatory outsourcing requirements apply to both Material and Non-Material Outsourcing, with the exception that Material Outsourcing requires approval/notification of competent authorities.

  • Reviewing and drafting of contracts with TPA with regard to Material Outsourcing and ensuring conditions mentioned under clause 9 above are incorporated in the contract with the TPA.

  • The Company may appoint TPA for Material Outsourcing by following this Policy as well as guidelines or processes as specified in TPA Protocol and also adhering to KYC and AML Policy of the Company.


More Definitions of Material Outsourcing

Material Outsourcing means outsourcing of such activities which are assessed by the insurers as “material”, based on the factors as may be specified by the Competent Authority.
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Material Outsourcing means the outsourcing arrangements which are assessed as material based on the factors described in Section 6 of this Policy.
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Material Outsourcing means an outsourcing arrangement which, if disrupted, has the potential to significantly impact an institution’s business operations, reputation or profitability.
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Material Outsourcing means those arrangements which, if disrupted, have the potential to significantly impact the business operations, reputation, profitability or customer service.
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Material Outsourcing means Outsourcing of Financial Services, Ancillary Services by the Company and Core Management Function, which if disrupted, will have the potential to significantly impact the business operations, reputation or profitability.
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Material Outsourcing means an outsourcing arrangement, which if disrupted or falls short of acceptable standards, would have the potential to significantly impact on an authorized insurer’s financial position, business operation, reputation or its ability to meet obligations or provide adequate services to policy holders or
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Material Outsourcing means the outsourcing arrangements which are assessed as material based on the factors described in Annexure I.
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