Cloud outsourcing in financial services and COVID-19

The COVID-19 outbreak has created a unique operational and business environment, including a large-scale shift to remote working and digital channels in a very short space of time. This, in turn, has shone a light on the flexibility and scalability of the Cloud.

Despite the rapid scalability of Cloud technology, the COVID-19 outbreak is challenging the capacity of Cloud Service Providers (CSPs) to cope with a sharp increase in demand. The majority of the regulators have made clear that operational resilience requirements are an important area of focus during this pandemic. Firms should therefore review and update their business continuity plans to reflect service interruptions or instant access to further cloud capacity.

This article provides further insight on the governance, risk and control framework implications related to Cloud outsourcing.