Authors: Jeanne Capachin, Marc DeCastro, Michael Versace

Best Practices
October, 2012  -  Doc # FIN237441
Number of Pages: 10
Number of Figures: 1

This IDC Financial Insights report provides insight into best practices in managing public cloud providers — including software as a service, infrastructure as a service, and platform as a service. Although most banks have experience with traditional outsourcing — and even near-cloud services such as card networks, check image warehouses, and co-location services — for many, cloud gives them pause.

As banks adopt more cloud-based solutions, they must also adjust their contract management and vendor management practices. Although similar in many attributes to other types of outsourcing, there are characteristics of cloud that require consideration. According to Jeanne Capachin, research vice president, "The FFIEC issued a paper addressing the risks with cloud computing — but little guidance was provided. With this report, we provide some examples of what to look for as banks engage with cloud providers."

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