Regulatory Alerts2019-02-04
Added · Updated
Circular to Credit Institutions on Banking Rule BR/14
An annex is added to Banking Rule BR/14 to provide guidance and supervisory requirements for credit institutions outsourcing to cloud service providers. The annex implements EBA Recommendations EBA/REC/2017/03, detailing the assessment and reporting of cloud outsourcing materiality, data security, data processing locations, and risk mitigation for chain outsourcing. It also establishes requirements for contractual and organizational arrangements regarding contingency plans and exit strategies. Minor revisions to BR/14 accompany the annex, and both come into force with immediate effect.
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