In the financial services industry, there is a growing interest in the cloud and its advanced capabilities to improve existing operations and innovate and transform business. Yet, when it comes to cloud adoption and implementation, there is still a lot of confusion. The most common misperception: Regulation is a barrier to the cloud.
Debunking the cloud myth
Our team at Microsoft has spent the last seven years working closely with financial services regulators and found the opposite to be true. Regulations are tech neutral to cloud computing, and our experience is that regulators are more open to cloud technology than when we started this journey years ago. That said, there is a lot of banking regulation that comes into play when using cloud services, and both banks and regulators want to get it right. Regulators are also modernizing their laws to address cloud computing.
The role of technology vendors
As banks look to third-party vendors for cloud services, our role goes beyond providing a scalable platform they can use to run and operate their business. Technology providers are also responsible for helping them understand the cloud journey; providing both financial services organizations and regulators with transparency in how they manage and operate their cloud services; and ensuring their customers have the control and security of their data to meet their compliance obligations.
Accelerating the compliance journey
As a global cloud service provider, Microsoft has made significant investments in helping the financial services industry meet and manage its regulatory responsibilities and accelerate the compliance journey.
Here are a few ways we are doing this, read full blog here:
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