ABS revamps cloud outsourcing guide for banks

One revision guides the categorisation of material and non-material cloud outsourcing contracts.

The Association of Banks in Singapore (ABS) has updated the Cloud Computing Implementation Guide to take account for technological advancements and market practice evolutions.

First published in 2016, financial institutions (FIs) are required to adopt the guide when they enter into cloud outsourcing arrangements.

Revisions reportedly include key characteristics to guide the categorisation of material and non-material cloud outsourcing arrangements; enhanced guidance for due diligence assessment on cloud service providers (CSPs), which are in line with the ABS Guidelines on Control Objectives and Procedures for Outsourced Service Providers (OSPs) as well as the OSP Audit Report (OSPAR); approaches and considerations for governing, designing, securing and running the cloud; and finally, comprehensive considerations and controls specifically for securing material versus standard workloads, including considerations for critical workloads.

According to the ABS, the revised guide is the result of 18 months of research and three months of cross industry consultation with CSPs, FIs and the Monetary Authority of Singapore. Three hundred and sixty-five pieces of feedback were reportedly reviewed and discussed by affected parties in plenary sessions.

“As one of the top financial hubs in the region, it is crucial that the financial industry seizes the cost and risk reduction opportunities offered by cloud computing services. The partnership with CSPs would also strengthen the technology and operational resilience of individual institutions as cloud infrastructure scales on demand to support fluctuating workloads,” said Ong–Ang Ai Boon, director of ABS.