In today’s global financial market, banks are reassessing their operations, and looking for opportunities to cut costs, increase efficiencies and meet ever-changing compliance standards. While once slow to adopt cloud-based technology solutions, financial institutions now recognize cloud applications as a secure, viable option to keep pace with rapidly changing business conditions and regulatory mandates.
Still, not all cloud providers are created equal and it is good to keep in mind some things when selecting and contracting with a cloud services provider:
- Pre-contract validation: Determining that the provider’s SLA is sufficient to meet your required transaction volume and uptime, and considering the provider’s maturity in the marketplace
- Contract validation: Making sure the SLA is being met, and all security and audit features are operational
- Post-contract validation: Confirming data erasure, security, and return
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