Managing The Risks Of Operating In The Cloud - Governance, Risk & Compliance
Author:Catherine De Ruyter De Wildt
In response to the increased usage of cloud-based services by regulated entities, the Australian Prudential Regulatory Authority (APRA) has released an Information Paper: Outsourcing Involving Shared Computing Services (including Cloud), dated 6 July 2015. The paper focusses on the weaknesses observed by APRA in how regulated entities consider, manage and govern the risks of using shared computing services (SCS), and it provides guidance for addressing these weaknesses.
In order to manage the use of SCS in accordance with APRA guidance, Financial Institutions should develop a clearly defined strategy for migrating to an SCS model; implement effective governance measures; ensure ongoing consideration of security and recovery risk; and implement ongoing third party assurance arrangements.
Download the Managing The Risks Of Operating In The Cloud - Governance, Risk & Compliance paper to read our point of view on the practical application of cloud management in line with financial regulator guidance.
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