EBA workshop: recommendations on cloud outsourcing

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Today our CEO Daniel Döderlein was invited by the European Banking Authority to sit on a panel at their HQ as part of a workshop day on cloud outsourcing.

The panel’s topic was: Cloud service providers: What is the role and impact of regulatory developments on the adoption of cloud within the financial services? The panel’s remit was to seek views from cloud service providers on the interaction of regulatory developments and the adoption of cloud.

Auka is not a CSP but we were the first regulated financial services company to operate 100% from the cloud (Google Cloud Platform). You can read more about this here.

Other panellists included:

  • Rahul Prabhakar, Head of Regulatory Compliance for Financial Services Security Assurance, Amazon Web Services
  • Mark Smitham, Senior Manager of Cybersecurity Policy, EU Government Affairs, Microsoft
  • Lien Ceulemans, Vice President and Associate General Counsel, Global Privacy at Salesforce

The moderator was Rossen Naydenov, Network Information Security Officer, ENISA.

In Daniel’s words, the key takeaways from the discussion were that cloud service providers should be regulated themselves. The regulation shouldn’t occur as if the CSPs are financial services companies, but instead as utility infrastructure with the purpose of serving different sectors.

Read more: Cloud is the obvious choice for financial services

This will reduce the synthetic chase for unlimited rights for regulated entities by their regulators, as the utility provider would already be certified to the extent needed. The financial services company/ies could then focus on their business and their regulator could focus on real audits of both the utility and the financial services company/ies separately.

This would, in turn, save everyone a lot of time, increase the quality of audits and drive innovation.

Read more: The top five tech reasons we run financial services in Google cloud

Thanks to the EBA for inviting Daniel to take part in such an interesting day and panel, full of robust discussion and interesting viewpoints.

Want to know more about why Auka operates 100% from the cloud (or anything else?) Get in touch!