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Amazon Web Services responds to Financial Stability Board (F SB ) consultation on delivering global interoperability in third-party risk management regimes for financial services
In June, the Financial Stability Board (F SB ) published a consultation,
At a time when various jurisdictions are advancing regulatory proposals individually, it is important to advance this consultation to avoid national, regional, or industry-specific fragmentation that could reduce the scalable resiliency and security benefits of the cloud in financial services. Amazon Web Services supports the F SB as it works to create international cooperation on how customers, third-party providers, and regulators work together. We also support the development of a toolkit that works towards a more harmonized global approach to the use of third parties by FIs.
The F SB consultation focuses on four areas: i) common terms and definitions to help drive common understanding through improved clarity and consistency; ii) development of a toolkit on third-party risk management aimed at promoting interoperability of regulatory and supervisory approaches; iii) tools for financial institutions to identify critical services and manage potential risks throughout the lifecycle of third-party service relationships; and iv) financial authorities’ current and developing approaches to the oversight of TPRM.
Progress in these areas will help ensure a framework that accelerates the digitalization and modernization of the financial services sector.
Amazon Web Services is committed to helping optimize regulatory frameworks for our financial services customers. In
- Enhance coordination between financial authorities and, where possible, use existing best practices and global standards to limit regulatory fragmentation
- Develop mechanisms to enable an ongoing dialogue between financial authorities and their respective regulated entities, allowing FIs to raise questions and provide feedback on third-party risk management guidance and financial authorities to provide additional guidance on how to interpret risk-based, outcomes-focused guidance.
- Increase financial authorities’ understanding of technologies that are supporting regulated FIs through voluntary provision of information by third-party service providers.
What’s Next?
Amazon Web Services is committed to supporting international regulatory discussions to reinforce the benefits of establishing a harmonized and fair framework for the use of cloud services by the financial services sector globally. We are aligned with the F SB ’s objective to deliver interoperability while also supporting innovation and resiliency in the financial services industry and look forward to continuing to work with our customers and the F SB as the toolkit is finalized.
If you have any questions about the consultative paper and your use of Amazon Web Services, you can contact us using our