Question

What risk management framework must a Payment Service Provider implement when engaging with Third-party Service Providers (TSPs) under the IFSCA (Payment Services) Regulations, 2024?

A Ensure regular audits of all third-party services
B Implement a risk-based framework to assess criticality of services
C Maintain separate financial accounts for third-party services
D Limit third-party contracts to only domestic service providers
E Prohibit third-party service arrangements for critical operations
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