Outsourcing Policy Development
An outsourcing policy is one of the general conduct obligations for credit licensees, which needs to describe how your business chooses which activities to be outsourced and the business that will perform that function. The definition of outsourcing: the outsourcing of tasks or functions that you would normally perform in the day-to-day operations of your business. Outsourcing does not include other suppliers, for example stationery vendors, equipment maintenance etc.
Brokers, from time to time, may choose to outsource some business tasks to other companies rather than performing those tasks in-house, usually because the chosen provider has a particular level of expertise or can perform the function quickly.
QED Risk Services can prepare an outsourcing policy for your business that complies with the NCCP Act. It is important that particular attention is given to any outsourcing of activities directly related to your credit activities.