Financial institutions frequently outsource aspects of their operations, either to other group companies or independent third parties. Among other reasons, this is motivated by:
1) Cost- effectiveness of using external resources;
2) Skills/expertise and/or technology offered by external party; and
3) Firm’s strategy in relation to allocation of internal resources.
Although outsourcing operations, particularly in the area of technology, has its upsides, it also gives rise to a variety of risks. Cloud outsourcing is one area that has come under increased regulatory scrutiny, with the European Securities and Markets Authority (ESMA) recently issuing detailed guidance on managing risks related to the area.
But what do the guidelines mean to your organisation? We explore the issues being faced by Financial Services firms when it comes to Cloud outsourcing, and assess the different guidelines.
How A&M can help?
A&M’s Financial Services experts can assist in mobilisation, implementation strategies and quality assurance for complying with the Guidelines in a manner which is proportionate for your firm.
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