AFME: Building Resilience in the Cloud
22 September 2021
A report by the Association for Financial Markets in Europe (AFME) outlines potential key regulatory barriers to the greater adoption of cloud services in capital markets and provides recommendations for policymakers and Cloud Service Providers (CSPs) to assist banks with their adoption.
The report entitled
“Building Resilience in the Cloud”
finds that, while banks are increasing migration to the cloud and
identifying solutions to address regulatory concerns, two solutions that
are becoming increasingly proposed by policymakers - portability and
multi-cloud strategies – are likely to introduce further barriers to
adoption.
The report presents an assessment of five scenarios, covering the
failure of a CSP in a particular region through to the loss of an entire
CSP globally, to highlight why these solutions may not be appropriate
in all instances.
The report finds that the proposed recommendations from policymakers
around portability and multi-cloud strategies would present significant
challenges to banks from adopting a risk-based approach, limiting the
benefits of cloud services and increasing the technical complexity to
support multiple CSPs.
© AFME
