Posts Tagged ‘B-10 Guideline’

B-10 Outsourcing Guideline applies to cloud computing says OSFI

March 1st, 2012

Yesterday, OSFI released a memorandum reminding financial institutions that its outsourcing B-10 Guideline applies to new technology-based outsourcing arrangements including cloud computing. In the short memorandum, OSFI stated the following:

Information technology plays a very important role in the financial services business and OSFI recognizes the opportunities and benefits that new technology-based services such as Cloud  Computing can bring; however, FRFIs should also recognize the unique features of such services and duly consider the associated risks.