A study by IBM’s Corporate Value Institute found that 64% of banking and finance industry leaders see industry-related regulatory compliance as a barrier to leveraging their cloud assets to improve their performance. improve business performance. The IBM Cloud for Financial Services is the first of its kind created by the industry to assist customers as they strive to reduce risk and accelerate cloud adoption as organizations struggle to overcome these obstacles.
IBM financial cloud services, created in partnership with industry experts to help customers automate their security and compliance posture through security and control built into the platform, are the heart of our cloud. To ensure that IBM Cloud services meet the technical, administrative, and physical control criteria of the IBM Cloud Framework for Financial Services, IBM implements a rigorous validation process when services are integrated into the IBM Cloud for Financial Services. Here is how IBM financial cloud services are assisting in reducing risk in the industry.
Contents
- 1 Top 5 Helpful Things IBM Financial Cloud Services
- 1.1 Hosting Workloads And Applications With Assurance
- 1.2 As Requirements Change, Promoting Security And Compliance
- 1.3 Collaborating On The Goal Of Reducing Financial Services Risk
- 1.4 Addressing Compliance In The New Regulatory Environment And The Future Of Talent
- 1.5 Getting Ready For The Rise Of The Digital Ecosystem And The Future Of Fintech
Top 5 Helpful Things IBM Financial Cloud Services
Hosting Workloads And Applications With Assurance
Demonstrating to clients the efficacy of these industry regulations is crucial in our opinion. A recent independent third-party assessment confirms that the technical, administrative, and physical control requirements of the IBM Cloud Framework for Financial Services are implemented and followed by the IBM Cloud FS-Validated Services.
The report discusses controls for all of the IBM Cloud Framework for Financial Services’ focus areas, including proactive monitoring and response, advanced data protection, automated application and workload protection, improved authentication and access management, targeted risk management and compliance, operational excellence, and unified infrastructure security and resilience.
Clients can order the report and use it as part of their internal risk management procedures while proving due diligence and monitoring of their cloud service providers to their regulators as regulatory demands across the board rise. With the publication of this study, we hope to continue assisting clients in making transparent and confident use of IBM financial cloud services.
In addition, the Center for Interbank Cooperation (CCI), which strives to provide a secure ecosystem for the Spanish financial sector, recently awarded IBM financial cloud services the AAA grade.
As we continue to assist our clients in the transformation of the financial services industry, these accomplishments highlight IBM‘s strong commitment to security and compliance procedures.
As Requirements Change, Promoting Security And Compliance
Our aim is centered on security and compliance. IBM’s cutting-edge encryption technology and private computing capabilities are included in the IBM Cloud for Financial Services to support clients in maintaining data security.
The platform is made to make it easier for financial institutions, fintechs, ISVs, and SaaS providers to host workloads and applications in the cloud with confidence thanks to IBM’s built-in security and compliance-focused controls and confidential computing.
Collaborating On The Goal Of Reducing Financial Services Risk
We think it takes all of us to establish trust, including banks, digital partners, cloud providers, and others. To promote cloud adoption for mission-critical workloads in the financial services industry, we developed IBM’s Financial Services Cloud Council, which brings together CIOs, CTOs, CISOs, and Compliance and Risk Officers.
Discover Financial Services, Banco Sabadell, Nationwide Building Society, and Virgin Money are a few of the more than 120 financial institutions that work together to establish the controls needed to function securely with bank-sensitive data in the cloud. These controls are not IBM’s; rather, we have made them accessible on a variety of clouds (public and private) through IBM financial cloud services.
Addressing Compliance In The New Regulatory Environment And The Future Of Talent
We think that evolving data sovereignty needs and new regulatory requirements, such as the European Commission’s Digital Resilience Act (DORA), will be the main drivers of the modernization of financial services. We remain committed to providing an open and secure hybrid cloud environment for our customers’ mission-critical workloads as they seek innovative ways to modernize and reduce risk while maintaining security and reliability.
Greater access to talent, culture and ideas can help businesses compete successfully in today’s global marketplace, although data sovereignty looks different for each country and each jurisdiction is autonomous in its decision-making. The industry should be ready to ask itself: at what point does data sovereignty become an obstacle to innovation and progress if it prevents access to the greatest international talent or impedes the cross-border flow of data? border?
To help make our customers future-ready and enable them to drive innovation and growth, with a focus on security, resilience, and compliance as the regulatory landscape changes, IBM financial cloud services will continue to monitor the latest financial rules and policies across the globe.
Getting Ready For The Rise Of The Digital Ecosystem And The Future Of Fintech
IBM financial cloud services have fueled the changes in the financial services sector for many years. As customers seek fast access to financial services, we now understand that the financial markets are evolving. We now live in a time where everything can be accessed with just a tap on a mobile device, from managing digital assets to managing accounts, making payments and transfers, and securing loans.
In response to this shift in the financial markets, a new breed of technology suppliers has emerged, including fintech startups and the fintech divisions of financial institutions. Regulators are now beginning to examine more closely as fintech gains power and value. The Biden administration issued an executive order titled “Ensuring Responsible Development of Digital Assets” earlier this year in response to the growing significance of digital assets, particularly cryptocurrency. The executive order delivered a clear message about potential hazards in this industry while also signaling a long-overdue acceptance of digital assets in the formal economy in many aspects.
It’s evident that although fintech focuses on innovation, they cannot go forward without conforming to the regulatory settings – this is where IBM Cloud for Financial Services is positioned to help fintech become compliance-ready from the outset.
Our goal is to continue supporting clients in deploying mission-critical workloads with confidence while meeting the most recent standards for regulatory compliance, security, and data as the future of financial services changes.
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