Banks welcome MAS guidelines on cloud computing

But MAS warns that institutions are ultimately responsible for maintaining oversight of cloud services and managing the risks of using them

Published Wed, Jul 27, 2016 · 09:50 PM

Banks

Singapore

BANKS in Singapore and cloud-computing services providers on Wednesday welcomed the new guidelines on outsourcing risk-management for financial institutions (FIs) issued by the Monetary Authority of Singapore (MAS) earlier in the day.

The guidelines, drawn up from extensive industry and public consultation, provide the industry with expanded guidance on how to manage the risks of outsourcing, including that for cloud-computing services, which are being increasingly adopted by FIs to streamline operations in a digitalised economy.

The key changes to the guidelines include the:

Rohit Joshi, HSBC Singapore's managing director and head of Global Liquidity and Cash Management, said the move towards support of responsible cloud-solutions adoption will "spur more innovation and speed of delivery…