In the last several years, cloud computing has significantly changed the way businesses protect the integrity of their data. While there are huge advantages to this model – there are also significant costs especially with respect to compliance. Financial institutions adopt cloud computing solutions as part of their mainstream business operations they too must grapple with a stepped up regulatory environment.
The Office of the Superintendent of Financial Institutions (OSFI) recently issued a memorandum under its Guideline B-10 which focuses on the following concerns:
- (i) confidentiality, security and separation of property
- (ii) contingency planning
- (iii) location of records
- (iv) access and audit rights
- (v) subcontracting
- (vi) Monitoring the material outsourcing arrangements
The memorandum also reminds financial institutions that despite the competitive advantage cloud computing offers, they should prepare for the regulatory issues on the way particularly as suggested in OSFI’s Guideline B-10.
Going beyond the basics, the Knowledge Group has assembled a team of experts who will help you understand the most important aspects of OSFI’s Guideline B-10 with respect to cloud computing. They will present their thoughts and opinions on how to best comply with the associated requirements under Guideline B-10.
For more information and to register, click here.