Cloud Computing is changing the business and IT landscapes profoundly. Whereas many companies worldwide have already embraced Cloud Computing, the financial services industry in Luxembourg so far has been reluctant in taking advantage of the many opportunities offered by this new way of working due to regulatory concerns.
Cloud Computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g. networks, servers, storage, applications and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.
The publication of the CSSF circular 17/654 “IT outsourcing relying on a cloud computing infrastructure” in May 2017 has created a legal ground for banks to adopt this technological approach for daily operations. Nevertheless, the circular is not a how-to guide and financial services firms need to intensively prepare themselves in terms of skills and governance to employ Cloud Computing in an efficient way while at the same time staying in control of processes and data.
In this regard, Digital Banking and FinTech Innovation Cluster (DBFI) of the Luxembourg Bankers’ Association has launched a dedicated Working Group on Cloud Computing under the lead of Patrick Useldinger, BCEE. The Working Group will foster cooperation between banks and actors of the financial realm in order to align approaches and simplify the adoption of Cloud Computing on a technical, operational and legal levels.
This initiative will complement other actions of the DBFI Cluster in this domain like for instance the introduction of the training module “Cloud Computing Officer – Fundamentals” rolled out in cooperation with the House of Training.
Patrick Useldinger, Chairman, ABBL Cloud Computing Working Group
Andrey Martovoy, FinTech Adviser, ABBL