Germany: Guidance on outsourcing to cloud service providers
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BaFin and the Deutsche Bundesbank’s joint assessment of outsourcing to cloud service providers, the guidance applies to regulated entities including financial services institutions, credit institutions, insurance undertakings, payment institutions, and e-money institutions.
Its purpose is to foster awareness among supervised enterprises on best practices for dealing with cloud service providers.
Responsibility for outsourced activities will remain with a supervised entity’s board and cannot be delegated to a cloud service provider.
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