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Compliance Checklist for Banks in Belgium: A Guide to Regulatory Requirements
Amidst the increasing trend of cloud computing, financial institutions in Belgium must ensure they comply with regulatory requirements set by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA). To help guide banks in this process, Microsoft has published a comprehensive compliance checklist for financial institutions in Belgium.
Key Regulatory Requirements
To ensure compliance with NBB and FSMA regulations, financial institutions in Belgium should be aware of the following key guidelines:
- Circular PPB 2004/5: Sound management practices in outsourcing by credit institutions and investment firms
- Circular 05-06.2007: Organizational requirements for firms providing investment services
- Circular 2009-17: Financial services via the Internet: Prudential requirements
- Circular 2015-32: Additional prudential expectations regarding operational business continuity, and security of systemically important financial institutions
Microsoft Compliance Checklist
The Microsoft compliance checklist provides a comprehensive framework for financial institutions in Belgium to assess their compliance with regulatory requirements when using cloud services. The checklist includes:
- An overview of the regulatory landscape
- A detailed checklist that maps Microsoft Azure, Microsoft Dynamics 365, and Microsoft 365 services against regulatory obligations
How to Implement
To implement the compliance checklist, financial institutions can follow these steps:
- Review the Regulatory Landscape and NBB and FSMA Guidelines: Understand the regulatory requirements set by the NBB and FSMA.
- Complete the Microsoft Compliance Checklist: Assess your compliance with regulatory requirements using the detailed checklist provided by Microsoft.
- Use Microsoft Purview Compliance Manager: Conduct risk assessments of cloud services to ensure compliance.
- Incorporate Mandatory Terms into Cloud Services Contracts: Ensure that contracts with cloud services providers include mandatory terms.
Frequently Asked Questions
Q: Is Regulatory Approval Required for Outsourcing Business Functions to the Cloud?
A: No, but financial institutions must notify the NBB and FSMA in the event of a disruption in an outsourcing arrangement.
Q: Are There Any Mandatory Terms That Must Be Included in the Contract with the Cloud Services Provider?
A: Yes, specific points must be incorporated into contracts.
Resources
- Microsoft Financial Services Compliance Program: Learn more about Microsoft’s compliance program for financial services.
- Microsoft Business Cloud Services and Financial Services: Explore Microsoft’s business cloud services and their applications to financial services.
- Financial Services Compliance in Azure: Understand how to ensure compliance with regulatory requirements when using Microsoft Azure.
- Compliance on the Microsoft Trust Center: Learn more about Microsoft’s commitment to compliance and trust.