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ESMA proposes cloud outsourcing guidelines

by Krystal Scanlon 4 June 2020

The European Securities and Markets Authority (ESMA) has launched a consultation paper on guidelines for financial services firms outsourcing to cloud service providers. 

According to ESMA, the proposed guidelines aim to mitigate any potential risks firms may face as a result of outsourcing cloud services and ensure they are handled appropriately.

The proposed guidelines set out the following:

  • Governance, documentation, oversight and monitoring mechanisms firms need to have in place
  • Assessment and due diligence which needs to be completed prior to outsourcing
  • Minimum elements outsourcing and sub-outsourcing agreements must include
  • Exit strategies, access and audit rights to which should be catered for
  • Notification to competent authorities
  • Supervision by competent authorities

While cloud outsourcing can bring a number of benefits,...

Categories: OutsourcingIT & cyber securityRegs & ComplianceTechnologyTech providers

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