Assess third-party FinTech vendors against RBI Outsourcing Master Direction 2023. Evaluate Material Outsourcing criteria, audit contractual Right-to-Audit clauses, and sub-contracting safeguards.
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How to Use RBI IT Outsourcing & Vendor Risk Assessment
Use the Materiality Evaluator to classify vendor arrangements into Tier-1 Material or Tier-2 Non-Material.
Audit vendor contract language against mandatory clauses: Right-to-Audit, Data Localization, 2-Hour Breach SLA.
Inspect concentration risk and single point of failure (SPOF) criteria.
Export the Board IT Strategy Committee Assessment Workpaper.
Unrestricted Right-to-Audit Mandate in Vendor Contracts
Outsourcing agreements must grant REs, internal/external auditors, and RBI supervisory officials unrestricted access to inspect physical facilities, cloud accounts, and system logs.
Frequently Asked Questions
Can regulated entities outsource core management functions?
No. RBI directions explicitly prohibit outsourcing of core management functions including credit underwriting, policy formulation, and compliance oversight.