SBP has restricted financial institutions (FIs) from using cloud-based outsourcing arrangements for certain banking applications and allied infrastructure, which are used to store and process customers’ information relating to deposits, loans & credits, etc. Enterprise Technology Governance and Risk Management Framework for Financial Institutions (FIs) was issued in 2017 and later in 2019, Framework for Risk Management in Outsourcing Arrangements by Financial Institutions was resealed.
29/9/2020