Learn key considerations and practical applications of the FFIEC standard on outsourced cloud computing.
Regulators, businesses, and consumers expect financial institutions to have robust information controls and to require the same of their vendors. As cloud computing continues to dominate the outsourcing landscape, financial institutions must understand contracting best practices and guidance from the Federal Financial Institutions Examination Council (FFIEC) when engaging outsourced cloud computing providers. While financial institutions should apply the same risk management considerations to outsourced cloud computing activities as are required of traditional forms of outsourcing, cloud computing requires special attention to information controls than other forms of outsourcing, due to the nature of the service. This topic will provide an overview of the key risk considerations for engaging in outsourced cloud computing, including those highlighted by the FFIEC, and will provide guidance for managing and mitigating those risks in practice.
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