Regulatory Alerts2018-09-06
Cloud Computing and the Offshoring of Data
The Prudential Authority requires all South African banks, controlling companies, and foreign branches to implement board-approved data strategies and risk-based governance frameworks when utilizing cloud computing or offshoring data. Institutions must ensure these arrangements preserve regulatory oversight, maintain data confidentiality and portability, comply with local and foreign legislation, and do not hinder forensic audits or core operations. Compliance with these stipulations becomes mandatory for material cloud and offshoring arrangements effective from 1 October 2018.
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