In recent years, cloud-based service offerings have evolved as an increasingly attractive service option for organizations to improve service, efficiency and reduce operating costs. The OSFI B-10 Guidelines establish the expected risk management framework that federally regulated financial institutions ("FRFIs") are expected to follow when engaging in outsourcing activities. An FRFI seeking to take advantage of cloud-based services for a material outsourcing faces a difficult challenge in determining if the arrangement is permitted under the B-10 Guidelines, and what contractual terms would be required to satisfy the B-10 Guidelines. Join Osler's Technology team for an interactive risk assessment workshop where we will review the B-10 Guideline requirements as they relate to cloud-based services arrangements and discuss practical strategies for engaging in cloud-based services outsourcing arrangements. The workshop will focus on:
- Elements of the B-10 Guidelines that create particular compliance challenges for cloud-based service arrangements
- Recommendations for the introduction of elements into your outsourcing risk management governance framework that are specifically directed to the management of the risks associated with cloud-based services
