Materiality test among new bank guidelines on cloud services

Singapore

THE Association of Banks in Singapore (ABS) has published updated guidelines for financial institutions (FIs) when they enter into cloud outsourcing arrangements. The guide contains best practice recommendations and considerations by the banks to support the safe adoption of the cloud.

ABS said the updated guide represents a "substantial revision" from its first publication in June 2016, as it takes into account technological advancements and the evolution of market practices.