11 May 7 Social Distancing Ideas For Regulatory Reporting In The Cloud
How taking the right approach to regulatory reporting in the cloud gives you a clean bill of health, builds your immunity, and streamlines regulatory compliance in the age of COVID-19
By Eric Rothrock, Senior Vice President, Cloud Product Management, AxiomSL
As the pandemic crisis wears on, financial institutions are experiencing significant disruptions from the effects of operating indefinitely with a remote workforce. These disruptions are accelerating their efforts to move to regulatory reporting in the cloud.
Deliberations center on whether to take a DIY (do-it-yourself) approach to cloud implementation or use a vendor-provided cloud solution and if so, how to vet vendor-provided solutions.
But beware. The material non-public information (MNPI) present in financial institutions’ datasets and systems keeps CDOs and CROs awake at night and in a protective stance. They absolutely must set an extremely high-security bar for any cloud implementation.
So, how can financial institutions make a healthful move to regulatory reporting in the cloud and harness its benefits for risk and regulatory reporting?
Surprisingly, the answer lies in applying some of the social distancing lessons learned from this pandemic.
In this article, AxiomSL looks at the cloud proposition through the lens of seven social distancing concepts. It surfaces important security, regulatory, technology, implementation, data management, and cost considerations that financial firms should examine closely as they evaluate how best to go to the cloud for risk and regulatory reporting.
By letting these seven social distancing concepts point the way, and by posing some of the questions suggested herein, financial institutions can better understand the key issues around regulatory reporting in the cloud, more adroitly evaluate vendor options – and take the right, most healthy approach to the cloud.
Download the full article to discover the 7 social distancing ideas you can apply to regulatory reporting in the cloud: