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This report updates our 2015 research on the regulatory landscape impacting Cloud Services in APAC. It updates the current approaches governments and Regulators in nine selected APAC markets have taken towards cloud computing, and the environment these relevant policies and regulations have created for cloud adoption in the financial services sector.
Financial Regulators’ outsourcing guidelines have a key role to play in shaping this environment, and can determine the extent FSIs can benefit from cloud computing technology. As with the previous report, we provide an overview of the regulatory landscape in Part 1. of this report. We also review and elaborate on best practice examples of the ten key cloud outsourcing risk management requirements that must be addressed in order for an FSI to adopt Cloud Services: 1. Due Diligence Process for Cloud Adoption, 2. Review, Monitoring and Control, 3. Audit, 4. Confidentiality and Security, 5. Resilience, Business Continuity and Disaster Recovery, 6. Data Transfer and Location, 7. Data Use Limitations, 8. Data Segregation, 9. Cloud Contracts and Subcontracting, and 10. Exit and Termination. This is followed by Part 2. which summarises the relevant regulations in each market according to these requirements.
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