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Compliance Software for Financial Institutions in Chile
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Regulated financial institutions in Chile, classified as banks and subject to the supervision of the Financial Markets Commission (CMF), must comply with specific requirements when outsourcing Information Technology (IT) services to cloud service providers like Amazon Web Services (AWS). The Recopilación Actualizada de Normas 20-7 (RAN 20-7) outlines contractual, operational, and technical requirements for financial institutions using the AWS Cloud.
Benefits of Using AWS for Compliance
By using AWS, financial institutions can benefit from a wide range of security controls that reduce the number of security controls they need to maintain. Their own certification and compliance programs are strengthened while costs associated with maintaining specific security control requirements are reduced.
Security Controls on AWS
AWS’s cloud infrastructure has been validated by third-party tests based on NIST 800-53 revision 4, as well as additional FedRAMP requirements. This provides a high level of security for financial institutions using the AWS Cloud.
Meeting Compliance Requirements
The guide provides customers with sufficient information to plan and document Payment Card Industry Data Security Standard (PCI DSS) compliance for their AWS workloads. It includes:
- Selecting controls that meet specific PCI DSS 3.2.1 requirements
- Planning evidence gathering for assessment testing procedures
- Explaining control implementation to the PCI Qualified Security Assessor (QSA)
Common Privacy and Data Protection Considerations
The document provides information to assist customers who want to use AWS to store or process content containing personal data in the context of common privacy and data protection considerations. It helps customers understand how AWS services operate, including security and encryption options for their content.
Compliance-Enabling Features on AWS
AWS has many compliance-enabling features that can be used for regulated workloads in the cloud. These features allow financial institutions to achieve a higher level of security at scale while reducing costs associated with maintaining specific security control requirements.
Operational Resilience on AWS
The paper describes how AWS and its customers in the financial services industry achieve operational resilience using AWS services. It provides insight into classification schemes for public and private organizations to leverage when moving data to the cloud.
Data Residency on AWS
The paper addresses the real and perceived security risks expressed by governments when they demand in-country data residency, as well as the commercial, public sector, and economic impact of such policies. It also considers factors that governments should evaluate before enforcing requirements that can unintentionally limit public sector digital transformation goals.
Risk and Compliance on AWS
The document is intended to provide information to assist AWS customers with integrating AWS into their existing control framework supporting their IT environment. It includes a basic approach to evaluating AWS controls and provides information to assist customers with integrating control environments.
Security Audit Guidelines for AWS
Guidelines are provided for systematically reviewing and monitoring AWS resources for security best practices. This helps financial institutions ensure that their use of the AWS Cloud is secure and compliant with regulatory requirements.