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Cloud and tech outsourcing: opportunities and challenges for the EU

Day 3 Morning

Friday 05 April

Room :

Constanta Room - Roundtable


Mario Nava
Director, Horizontal Policies, DG FISMA, European Commission
Public Authorities
Nausicaa Delfas
tive Director, International, FCA
Denise Garcia Ocampo
Senior Advisor, Financial Stability Institute, BIS
Levin Holle
Director General, Financial Markets Policy, Federal Ministry of Finance, Germany
Jo Swyngedouw
Interim Chairperson, EBA
Industry Representatives
Richard Radley
Head of Customer Engineering, Financial Services, Google Cloud (London)
Arnaud Tanguy
Group Chief Security Officer, AXA Group

Objectives of the session

This session will discuss the opportunities and challenges associated with the use of cloud computing in the financial sector, the specificities of cloud services compared to other outsourcing arrangements, whether the current EU regulatory and supervisory framework is adequate in this respect and if additional or more specific policy or market-driven measures are needed.

Points of discussion

What are the main opportunities and challenges associated with the use of cloud computing services in the financial sector? Do cloud computing services have any specificities compared to other tech outsourcing arrangements? Are there any barriers to the wider adoption of cloud services in the EU? Does the development of cloud services create any new issues or risks?

Does the current regulatory and supervisory framework allow an appropriate development of cloud services in the EU financial sector? Can the specific risks and challenges associated with cloud computing be appropriately addressed with the current EU policy framework? Are more specific rules needed?