Learn about our Pacific Alliance initiative
Financial institutions are increasingly in a race to transform their business models and operations to compete in today's digital world, and a key aspect of digital transformation is the transition from traditional IT services to cloud-based solutions. Cloud provides an excellent opportunity for financial institutions to swap capital expenditure for operating expenditure, benefit from flexible consumption models and new technologies, often at lower cost. But cloud implementation by financial institutions will usually amount to regulated outsourcing in some jurisdictions requiring adherence to supervisory obligations. Additionally, the dispersed nature of cloud solutions, with data stored and accessed in multiple jurisdictions, can create compliance challenges under local laws, including in relation to financial services regulation, data privacy and security laws.
Our Cloud Compliance Center offers a snapshot of the legal and regulatory position of cloud in key jurisdictions of interest for financial institutions, and provides simple answers to a few important headline questions that to consider when taking the leap to cloud.
It covers twelve topics ranging from rules for cloud outsourcing, contract requirements, data privacy and security, data access requirements, data disclosure requirements, and other important regulatory considerations.
In addition to key financial centers, we have added 10 new jurisdictions:
Each jurisdiction is given an assessment of the degree of regulatory burden to cloud services from friendly, neutral or challenging. The functionality of the platform enables you to compare rules in one or more jurisdictions.