Regulatory Alerts2019-02-07
Added · Updated
Circular to Financial Institutions on Banking Rule BR/14
An annex to Banking Rule BR/14 is issued to provide guidance for credit institutions outsourcing to cloud service providers, incorporating EBA Recommendations EBA/REC/2017/03. The annex stipulates supervisory requirements for assessing and reporting the materiality of cloud outsourcing, addresses data security and processing locations, and includes requirements to mitigate risks associated with chain outsourcing. It further guides institutions on contractual and organizational arrangements for contingency plans and exit strategies. Minor revisions to BR/14 allow for the inclusion of these annexes, which come into force with immediate effect.
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