Updated guide for banks on using cloud services

Guidelines on how banks can enter into cloud outsourcing arrangements have been updated.

The Association of Banks in Singapore (ABS) said yesterday that the update takes into account technological advancements and changing market practices.

It added that it is a "substantial revision" from the initial guide published in June 2016.

It outlines best practice recommendations and considerations to support the safe adoption of cloud outsourcing.

These include tips on carrying out due diligence assessments on cloud service providers and approaches for running the cloud.

The revamp comes after 18 months of research, followed by a three-month consultation that included banks, cloud service providers and the Monetary Authority of Singapore (MAS).

TIMELY MOVE

Financial institutions are scaling up the utilisation of cloud services to enable innovation and ... to meet the exponential need for and use of data. The updated guide reflects clear industry good practices and recommendations in line with this shift.

MR SOPNENDU MOHANTY, MAS chief fintech officer, on the updated guide.

ABS director Ong-Ang Ai Boon said: "As one of the top financial hubs in the region, it is crucial that the financial industry seizes the cost and risk reduction opportunities offered by cloud computing services."

MAS chief fintech officer Sopnendu Mohanty said: "Financial institutions are scaling up the utilisation of cloud services to enable innovation and... to meet the exponential need for and use of data.

"The updated guide reflects clear industry good practices and recommendations in line with this shift."

A version of this article appeared in the print edition of The Straits Times on August 03, 2019, with the headline 'Updated guide for banks on using cloud services'. Print Edition | Subscribe