FCA green lights cloud technologies

Grazed from BankingTech. Author: Editorial Staff.

Cloud technology has been around for years now and we are all using it in some ways. If you have an iPhone, then you are using the iCloud all day every day without even realising it. Your DropBox, your Google Drive, your Amazon account are all using cloud computing. At work, it’s your Microsoft One Drive or your Evernote application on your tablet that uses the cloud.

We are constantly connected to it and yet, in financial services, the adoption has been tremendously slow. In part, this is due to a lack of guidance from regulators, especially where cloud-based regulation technology is concerned. Finally there is forward progress. The Financial Conduct Authority (FCA) in the UK has taken a real step forward to embrace innovation in its recent paper looking at cloud technology, which gives firms clear guidance in the procurement and monitoring of cloud technology providers...

Despite the usual concerns around costs and feasibility, the FCA has done a good job at highlighting the benefits of cloud services, guiding the firms through “all aspects of the life cycle of their outsourcing arrangements”, from making the decision to outsource, selecting an outsource provider, and monitoring outsourced activities on an ongoing basis, through to exit...

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