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Compliance Risks in Financial Services in Belgium: A Guide for Institutions
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The National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) are responsible for regulating the financial services sector in Belgium. To ensure the stability and integrity of the financial system, they have outlined several requirements and guidelines that financial institutions must adhere to when outsourcing business functions to the cloud.
European Banking Authority’s Recommendations
The European Banking Authority (EBA) has issued recommendations on the use of cloud computing by financial institutions in the EU. The EBA’s “Recommendations on Outsourcing to Cloud Services Providers” provide a comprehensive approach to the use of cloud services, including guidelines for risk assessment and mitigation.
Regulations and Guidelines in Belgium
In Belgium, financial institutions must comply with various regulations and guidelines when outsourcing business functions to the cloud. These include:
- NBB Circular PPB 2004/5: Sets out sound management practices in outsourcing by credit institutions and investment firms.
- FSMA Circular 05-06.2007: Outlines organizational requirements for firms providing investment services.
- NBB Circular 2009-17: Examines outsourcing risks and sets out requirements for internal control and risk management.
- NBB Circular 2015-32: Provides additional prudential expectations regarding operational business continuity and security.
Microsoft Compliance Checklist
Microsoft has published a compliance checklist to help financial institutions in Belgium comply with these regulations. The checklist is designed to guide institutions through the process of assessing the risks associated with outsourcing business functions to the cloud and ensuring that they are complying with applicable regulatory requirements.
The Microsoft compliance checklist includes:
- An overview of the regulatory landscape
- A checklist that maps Microsoft Azure, Microsoft Dynamics 365, and Microsoft 365 services against regulatory obligations
- Guidance on how to implement compliant solutions
- Information on mandatory terms that must be included in contracts with cloud services providers
Microsoft Purview Compliance Manager
To help financial institutions conduct risk assessments of Microsoft cloud services, the company offers Microsoft Purview Compliance Manager, a feature in the Microsoft Purview compliance portal. This tool helps organizations understand their compliance posture and take actions to reduce risks.
Conclusion
Financial institutions in Belgium must comply with various regulations and guidelines when outsourcing business functions to the cloud. By using the Microsoft compliance checklist and other resources available from the NBB and FSMA, institutions can ensure that they are meeting their regulatory obligations and minimizing their exposure to compliance risks.