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Financial Regulatory Bodies in Denmark: A Guide to Compliance with Microsoft Cloud Services
Denmark’s financial regulatory bodies play a crucial role in regulating financial institutions in the country. The Financial Supervisory Authority (Finanstilsynet), under the Ministry of Industry, Business, and Financial Affairs, prepares regulatory guidelines for these institutions and monitors their compliance.
The Rise of Cloud Computing in Denmark
In recent years, the use of cloud computing has become increasingly popular among financial institutions in Denmark. However, this trend also raises concerns about data security and regulatory compliance. To address these issues, Microsoft has collaborated with the Financial Supervisory Authority to develop a compliance checklist for financial institutions considering outsourcing business functions to the cloud.
The Compliance Checklist
The checklist provides an overview of the regulatory landscape and sets forth the key issues that need to be addressed when using Microsoft Azure, Microsoft Dynamics 365, and Microsoft 365 services. By reviewing and completing the checklist, financial organizations can ensure that they are complying with applicable regulatory requirements.
Key Guidelines for Financial Institutions in Denmark
- The Danish Act on Financial Institutions
- The Executive Order 1304 on outsourcing of significant areas of activity, along with its accompanying guideline
- Guidance on the use of cloud services as part of IT-outsourcing issued by the Financial Supervisory Authority
Implementing Microsoft Business Cloud Services in a Compliant Manner
The checklist also provides information on how to implement Microsoft business cloud services in a compliant manner. This includes details on how to conduct due-diligence assessments and risk assessments of Microsoft business cloud services.
Regulatory Approval
It is not required for financial institutions to obtain advance approval from the Financial Supervisory Authority before outsourcing business functions to the cloud. However, they must notify the authority no later than eight business days after entering into an outsourcing agreement.
Mandatory Terms in Contracts with Cloud Services Providers
The checklist also highlights some mandatory terms that must be included in contracts with cloud services providers. These include specific points outlined in the Executive Order on Outsourcing of Significant Areas of Activity and its accompanying guideline.
Additional Resources for Financial Institutions in Denmark
For financial institutions in Denmark looking to leverage Microsoft cloud services, there are several additional resources available. These include:
- The Microsoft Financial Services Compliance Program
- Guidance on using cloud services as part of IT-outsourcing
- A cloud risk assessment tool for Azure