Key things you need to know
Financial services institutions are moving to the cloud at pace and at scale. In turn, Operational Resilience must focus on third-party risk and how to manage it. The reason is that as firms migrate to cloud-based solutions and transform their business, they increasingly use third parties to deliver critical services to customers.
Your TPRM framework should cover all forms of cloud arrangement. It should include the materiality and risk of each arrangement, the resilience requirements of services and data hosted in the cloud, and detailed resilience options.