13 areas of advice – a good model for everyone
The UK’s Financial Conduct Authority (FCA) recently published its “Guidance for firms outsourcing to the cloud and other third party IT services”. We welcome the publication and believe it provides a good set of areas for consideration for any organization (globally) when evaluating cloud providers.
The FCA regulates most of the financial services firms and markets in the UK (56,000 businesses) and it publishes guidance documents to help these organisations innovate in their businesses without falling foul of regulations.
It has published finalized guidance to firms on outsourcing to the cloud (17-page PDF). It said there is “no fundamental reason why cloud services cannot be implemented, with appropriate consideration, in a manner that complies with our rules”.
The FCA says that cloud services can provide increased flexibility to firms, however the use of these services also presents risks which need to be identified, monitored, and mitigated.
The document demonstrates great support for well-managed cloud computing initiatives and clears up any previous confusion about whether cloud computing can be compatible with the highly regulated world of financial services.
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Categories: Cloud Security