Amendments to the Regulations Governing Internal Operating Systems and Procedures for the Outsourcing of Financial Institution Operation
2019-10-01
FSC drafted the amendments of regulations, adding the regulations which cloud service provider should obey. The key points of the amendments are listed below:
1. Financial institutions shall ensure the control of operational risks.
2. Financial institutions shall ensure the FSC, the Central Bank, and themselves to obtain information related to the entrusted operations and have the right to execute on-site examinations.
3. Financial institutions shall ensure the processes of transmission and storage of customers’ data would be taken protection measures such as encryption or encoding.
4. Financial institutions shall effectively evaluate the relative risks and establish inclusive internal control system and execution plan.
5. The financial institutions shall develop appropriate contingency plans in case of emergency.
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1248
Update：
2019-10-23