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Outsourced Cloud Computing for Financial Institutions and Practical Applications of the FFIEC's Standards - Webinar

  • ID: 4327519
  • Webinar
  • 90 Minutes
  • Lorman Business Center, Inc.
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Learn key considerations and practical applications of the FFIEC standard on outsourced cloud computing.

Regulators, businesses, and consumers expect financial institutions to have robust information controls and to require the same of their vendors. As cloud computing continues to dominate the outsourcing landscape, financial institutions must understand contracting best practices and guidance from the Federal Financial Institutions Examination Council (FFIEC) when engaging outsourced cloud computing providers. While financial institutions should apply the same risk management considerations to outsourced cloud computing activities as are required of traditional forms of outsourcing, cloud computing requires special attention to information controls than other forms of outsourcing, due to the nature of the service. This topic will provide an overview of the key risk considerations for engaging in outsourced cloud computing, including those highlighted by the FFIEC, and will provide guidance for managing and mitigating those risks in practice.

Learning Objectives
  • You will be able to discuss the FFIEC standards.
  • You will be able to identify six key outsourced cloud computing considerations.
  • You will be able to explain important guidance by the FFIEC.
  • You will be able to review practical considerations when issuing RFPs and negotiating cloud computing agreements.
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Overview

The FFIEC Outsourced Cloud Computing Standards in a Nutshell
  • Traditional Outsourcing Risk Management Considerations Apply
  • More Robust Controls Required Than With Traditional Forms of Outsourcing
Six Key Outsourced Cloud Computing Considerations
  • Due Diligence
  • Vendor Management
  • Audit
  • Information Security
  • Legal and Regulatory Compliance
  • Business Continuity Planning
Important Guidance From the FFIEC
  • Your Data, Your Responsibility
  • Increased Information Security Likely Necessary With Outsourced Cloud Computing
  • Items to Specifically Address in Outsourced Cloud Computing Service Agreements
Practical Considerations When Issuing RFPs and Negotiating Cloud Computing Agreements
  • Vendor Selection
  • Contracting
  • Vendor Management
  • Renewals, Expiration and Termination
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Matt Karlyn Foley & Lardner LLP Elizabeth A. Mitro Foley & Lardner LLP
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This webinar is designed for attorneys, presidents, vice presidents, branch managers, credit and collection managers, controllers, directors, compliance officers and accountants.
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