Banks call for direct oversight of cloud providers by US regulators

Tri-opoly of cloud vendors “poses systemic risk” to financial sector, say risk managers

Credit: Risk.net montage

Senior risk managers at three large global banks tell WatersTechnologys sibling publication, Risk.net, they want US bank regulators to exercise direct oversight of cloud service providers, such as Amazon, Google and Microsoft.

“Those big cloud providers already pose systemic risk to the financial sector,” says the head of third-party risk management at a large European bank with operations in the US. “Regulators cannot shy away from regulating them directly.”

“I completely agree” that bank

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