Financial Institutions Beware: Cloud Computing Compliance Under Guideline B-10
Overview:
In the last several years, cloud computing has significantly changed the way businesses protect the integrity of their data. While there are huge advantages to this model – there are also significant costs especially with respect to compliance. Financial institutions adopt cloud computing solutions as part of their mainstream business operations they too must grapple with a stepped up regulatory environment.The Office of the Superintendent of Financial Institutions (OSFI) recently issued a memorandum under its Guideline B-10 which focuses on the following concerns:
- confidentiality, security and separation of property:
- contingency planning;
- location of records;
- access and audit rights;
- subcontracting; and
- Monitoring the material outsourcing arrangements.
The memorandum also reminds financial institutions that despite the competitive advantage cloud computing offers, they should prepare for the regulatory issues on the way particularly as suggested in OSFI’s Guideline B-10.Going beyond the basics, the Knowledge Group has assembled a team of experts who will help you understand the most important aspects of OSFI’s Guideline B-10 with respect to cloud computing. They will present their thoughts and opinions on how to best comply with the associated requirements under Guideline B-10.
Agenda:
SEGMENT 1:
Michael R. Whitt Q.C., Partner, Co-leader, Information Technology Practice,
Bennett Jones LLP
- What is “cloud”(NIST)
- Cloud isn’t the same as outsourcing
- Irresistible (strange) attractors to cloud services
- cost
- convenience
- social
- ease of deployment/no technical barriers
- YOD example
- Tyranny of forms (necessitated by deployment and metering requirements)
- Lowest common denominator
- Managing the tide, negotiating terms (what’s that again? )
SEGMENT 2:
Stephen B. Kerr, Partner ,
Fasken Martineau DuMoulin LLP
- The evolution of OSFI’s approach to outsourcing generally
- Recent OSFI guidance and its particular concerns dealing with cloud computing (i.e. OSFI’s perspective)
- How to address OSFI’s concerns and requirements when considering a material outsourcing arrangement
SEGMENT 3:
Ebad Rahman, Attorney,
Torys LLP
- OSFI’s specific concerns re cloud computing
- Practical issues when negotiating cloud computing outsourcing contracts in light of B-10 requirements
- How to deal with issues surrounding (i) confidentiality, security and separation of property; (ii) access and audit rights; (iii) subcontracting; (iv) contingency planning.
- Difficulties in complying with B-10 requirements.
- How OSFI may exercise oversight over a Cloud Computing contract.
SEGMENT 4:
Andrew S. Nunes, Partner ,
Fasken Martineau DuMoulin LLP
- Due diligence in the context of a cloud outsourcing by FRFIs
- questions concerning the FRFI
- questions concerning the service provider
- questions concerning the service offering
- Contracting for cloud outsourcing in light of B-10
- key contractual provisions
- service recipient concerns
- service provider concerns
Who Should Attend:
- Finance Directors
- CFOs
- Managers with Responsibility for Cloud Computing
- Compliance Officers
- Data Security Professionals
- Corporate Counsel
- In-house Counsel Managing Legal Risks or E-discovery
- IT and Data Security Professionals Managing ASP or Cloud computing functions
- Lawyers
- CPAs and Auditors
- Other Related/Interested Professionals
Michael Whitt is co-leader of the firm’s information technology practice. A Patent Agent (2001) and a Trademark Agent (1994) in …
Stephen Kerr practises general corporate/commercial law, with an emphasis on mergers and acquisitions, particularly in the financial services industry. A …
Ebad Rahman is an attorney Torys, an international business law firm with offices in Toronto, New York and Calgary, in …
Andrew is a partner in the firm. His practice encompasses numerous aspects of corporate/commercial law, including asset and share acquisitions, …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
124312
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Bennett Jones LLP
When you plug into Bennett Jones, you get a network of more than 360 domestically and internationally recognized lawyers, and 500 staff working together to fulfill your legal and business objectives. With offices in Calgary, Toronto, Edmonton and Ottawa, and represented internationally in Abu Dhabi, Doha, Dubai and Beijing, you are connected to individuals with world class reputations, knowledge and experience to guide you through the present and potential outside influences on your business and your industry.
Website: https://www.bennettjones.ca/
About Fasken Martineau DuMoulin LLP
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About Torys LLP
Torys LLP is a highly respected international business law firm with offices in Toronto, New York and Calgary. Torys is recognized internationally as a frequently recommended law firm in a large number of practice areas. Torys’ lawyers work together to offer seamless cross-border services to clients on both sides of the U.S.-Canada border and globally.