The Financial Services Industry (FSI) is on the cusp of a global wave of cloud services adoption that will see new technology delivery models applied to support a growing range of applications. As part of that trend, financial institutions will need to convince regulators that cloud adoption does not compromise their ability to manage risks relating to systems availability and information security.
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Citihub Consulting has chosen to demonstrate a proof point for the maturity of cloud delivery models in servicing FSI requirements. This paper focuses on a regulatory regime that has been progressive in defining and controlling IT risk – The Monetary Authority of Singapore (MAS) – and maps MAS’ Technology Risk Management (TRM) Guidelines to the capabilities of a leading provider of cloud technologies, Amazon Web Services (AWS).
This paper will:
- Outline all of the requirements within MAS’ TRM guidelines as they relate to cloud compliance
- Benchmark those requirements against the current control capabilities of leading cloud service provider AWS
- Detail the internal controls that firms need to overlay to ensure regulatory compliance and outline possible areas of contention where further thought is required