According to Gartner, regulatory and compliance risk have become the highest source of risk for the enterprise surpassing cybersecurity. This is top of mind especially in highly regulated organizations struggling to find the resources and skillset to help manage public clouds effectively.
According to the 2021 Cost of Compliance Report by Thompson Reuters in 2020, there were on average 257 daily regulatory updates across 190 countries. In that same report, 70% of global systematically important institutions (G-SIFIs) expected their cost of compliance workers to further grow due to demand for skilled staff, knowledge, and increasing volumes of regulatory requirements. In addition, a continued rise in cyber-attacks on sectors like financial services and healthcare has created a shortage of the skillset and resources required to fight these threats.
Microsoft understands these challenges and the need for organizations to properly manage and oversee third-party risk within their cloud estate. As Microsoft CVP of Worldwide Financial Services, Bill Borden said “our customers have been clear that they need cloud services tailored to their specific needs and challenges ”.
Introducing the new Compliance Program for Microsoft Cloud
To help more customers address enterprise risk and regulatory complexity while onboarding to any Microsoft Cloud, we are evolving the Financial Services Industry (FSI) Compliance Program with a new Compliance Program for Microsoft Cloud.
The Compliance Program for Microsoft Cloud is a fee-based premium program that provides personalized strategic guidance on regulatory matters as well as industry-specific education on compliance, privacy, and risk-related topics. Through the program, you receive the unique chance to engage directly with regulators, industry peers, and Microsoft experts in the areas of cloud security.
Program features include:
Ask an expert: Direct one-on-one engagement with Microsoft experts to support risk stakeholders in accelerating assessments and approval cycles.
Risk and control mapping: Support from Microsoft experts to complete a fixed number of risk assessment questionnaires.
Compliance community: The most recent regulatory compliance developments directly from Microsoft experts, regulators, and industry peers via the annual Microsoft Regulatory Compliance Summit, roundtables, and webcasts.
Proactive risk assurance: Proactive communication of external audit results, upcoming changes to regulations and updates on the Microsoft Cloud capabilities that may impact risk posture.
Additionally, watch on-demand Microsoft Cloud for Financial Services Digital Forum and learn how we’re providing capabilities to help manage data to deliver differentiated experiences, empower employees, and help combat financial crime while facilitating security, compliance, and interoperability.