Regulatory Alerts2018-09-06
G5/2018 Guidance Note on Cloud Computing and Data Offshoring
The South African Reserve Bank’s Prudential Authority issued Guidance Note G5/2018 to clarify regulatory expectations for banks utilizing cloud computing and offshoring data. The guidance mandates that banks establish board-approved data strategies, risk-aligned policies, and robust governance frameworks to manage counterparty, operational, and technology risks. It further requires comprehensive due diligence, continuous monitoring of service providers, and stringent information security controls to ensure data confidentiality, integrity, and availability across all jurisdictions.
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