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Compliance Training a Must for Financial Institutions in Poland
In today’s digital age, financial institutions in Poland must navigate a complex regulatory landscape to ensure compliance with various laws and regulations. The Polish Financial Supervision Authority (KNF) has outlined strict guidelines for cloud computing by financial institutions, which includes outsourcing banking operations and processing personal data.
Regulatory Requirements
According to the KNF, financial institutions must comply with the Banking Act of 1997, which sets out legal requirements for outsourcing banking operations, including how personal information can be processed. The authority has also issued guidelines for prudent IT security management, recommending best practices for risk management.
Personal Data Protection Act of 1997
The use of cloud services by financial institutions must comply with Poland’s Personal Data Protection Act of 1997, which was amended in late 2018 to align with the General Data Protection Regulation (GDPR).
Microsoft Compliance Checklist
To help guide financial institutions in Poland through this complex regulatory framework, Microsoft has published a compliance checklist for financial institutions in Poland. The checklist provides an overview of the regulatory landscape and sets forth the issues to be addressed when outsourcing business functions to the cloud.
Mapping Regulatory Obligations
The checklist maps Microsoft Azure, Microsoft Dynamics 365, and Microsoft 365 services against regulatory obligations, providing a tool for measuring compliance and conducting risk assessments.
Using the Checklist
Financial institutions in Poland can use the checklist to ensure they are complying with applicable regulations and guidelines. The checklist is available on the Microsoft website and includes resources such as:
- An overview of the regulatory landscape
- A comprehensive list of requirements that should be included in contracts with cloud service providers
- Information on privacy principles and standards
Importance of Compliance Training
The KNF has emphasized the importance of compliance training for financial institutions in Poland, stating that it is crucial to ensure effective and consistent prudential regulation and supervision across the European banking sector.