The 3 things you need to know about...The intersection of cloud computing, regulations and financial services - have we arrived?

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Key insights from the report include:

  • Relative to other sectors, the Financial Services (FS) industry has been slow to adopt cloud computing for core operations. This is not surprising given the vast and uncertain regulatory landscape. Firms need to secure sensitive intellectual property, consumer data and transaction data that travels globally. They also face legacy information technology system challenges, among others.
  • Regulators across the globe are advancing the cloud dialogue. In several regions, regulators have issued draft rules and guidance that may influence how cloud service providers and FS companies develop and deliver products to their customers.
  • ​As regulators work to keep pace with cloud technologies, FS firms and cloud service providers should help shape policies that govern but do not stifle innovation. Companies should also recognize the advantages of cloud technology solutions to create a proactive and automated approach to compliance.

About PwC’s 3Things publication series:

The objective of our 3things series is to highlight three key takeaways from evolving risk and regulatory issues impacting the Technology, Media and ​Telecommunications sectors. Companies in these rapidly evolving industries face increasing market and competitive risks, as well as other internal and financial risks from the challenges of managing their complex - and often global - businesses.​ ​

They are also facing an uncertain regulatory environment, as regulators across the globe grapple with how to effectively implement their policy objectives in an era of unprecedented technological change. As these risk and regulatory issues emerge, we will publish future 3things which aims to provide a timely, concise and practical analyses of the issue.

Click here to read all issues in this series

Contact us

David Sapin

PwC Risk & Regulatory Leader, PwC US

Julien Courbe

Principal, Financial Services Leader, PwC US

Tim Walding

US Cloud Leader, PwC US

Kevin Keenan

Principal, Risk and Regulatory Consulting , PwC US

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