{"id":110407,"date":"2023-07-27T08:00:00","date_gmt":"2023-07-27T15:00:00","guid":{"rendered":"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/?p=110407"},"modified":"2025-04-21T14:45:59","modified_gmt":"2025-04-21T21:45:59","slug":"6-steps-to-improve-operational-resilience-in-financial-services-with-the-microsoft-cloud","status":"publish","type":"post","link":"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/financial-services\/2023\/07\/27\/6-steps-to-improve-operational-resilience-in-financial-services-with-the-microsoft-cloud\/","title":{"rendered":"6 steps to improve operational resilience in financial services with the Microsoft Cloud"},"content":{"rendered":"\n<p>As technology drives unprecedented transformation in financial services, operational resilience has become an increasing area of focus for financial institutions, regulators, and technology providers alike. Institutions are using third-party service providers to handle a broad range of services, including critical operations. This delivers tremendous benefits in innovation, flexibility, and efficiency, to name just a few. However, unless the use of such services can be properly managed, potential risks to institutions\u2014as well as systemic risks to the ecosystem\u2014can become areas of concern.<\/p>\n\n\n\n<p>This is why in just the past few months, the industry is seeing a wave of new proposals and regulations in the financial services sector, which collectively aim to improve operational resilience and mitigate risk so that institutions can modernize with confidence. In June 2023, the Financial Stability Board (FSB)\u2014an international organization that monitors and makes recommendations about the global financial system\u2014issued a consultative document titled Enhancing Third-Party Risk Management and Oversight that provides a toolkit to reduce fragmentation, mitigate compliance costs, and facilitate coordination among stakeholders. Other developments include new legislation concerning designation and oversight of critical third-party providers in Europe;<sup>1<\/sup> a proposal for regulatory oversight of critical third-party providers in the United Kingdom;<sup>2<\/sup> and new guidance for third-party providers in the United States<sup>3<\/sup> and Canada.<sup>4<\/sup><\/p>\n\n\n\n<p>Microsoft is dedicated to working across the industry, including with institutions, technology partners, and regulators, to ensure the responsible adoption of cloud services, AI, and other emerging technologies. We also offer a broad set of supporting resources for customers, including the <a href=\"https:\/\/cm-edgetun.pages.dev\/security\/business\/services\/compliance-program-microsoft-cloud\">Compliance Program for Microsoft Cloud<\/a>, a premium \u201cwhite glove\u201d service created specifically to support risk and compliance professionals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"enhancing-operational-resilience-across-the-financial-services-ecosystem\">Enhancing operational resilience across the financial services ecosystem<\/h2>\n\n\n\n<p>Recent regulatory developments cut across continents and jurisdictions, and they have broad implications for how financial firms purchase, implement, and manage a broad range of services and technologies. Taken together, these proposals center around these five pillars:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Implement strong risk management controls and practices.<\/li>\n\n\n\n<li>Ensure sufficient transparency and monitoring of cloud services.<\/li>\n\n\n\n<li>Manage concentration risk.<\/li>\n\n\n\n<li>Develop and test business continuity plans.<\/li>\n\n\n\n<li>Implement exit strategies and plans.<\/li>\n<\/ul>\n\n\n\n<p>The FSB\u2019s toolkit is designed to \u201creduce fragmentation in regulatory and supervisory approaches across jurisdictions\u201d and \u201cpromote interoperability of regulatory and supervisory approaches.\u201d We think this is not only sensible but should be a primary consideration for regulators in the implementation of their regulatory regimes concerning third-party risk going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"a-six-step-model-for-financial-services-resilience\">A six-step model for financial services resilience<\/h2>\n\n\n\n<p>As cloud services become more prominent, the importance of maintaining and enhancing operational resilience is paramount to ensuring the safety and soundness of the financial ecosystem.<\/p>\n\n\n\n<p>Below is the six-step process we advise firms to follow to address regulatory requirements in managing third-party risk and operational resilience.<\/p>\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/07\/FSI_Operational-Resiliency_071723.webp\" alt=\"The six-step model for financial services operational resilience as described below the image.\" class=\"wp-image-110570 webp-format\" srcset=\"\" data-orig-src=\"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/07\/FSI_Operational-Resiliency_071723.webp\"><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-update-cloud-risk-governance\">1. Update cloud risk governance<\/h3>\n\n\n\n<p>Firms need to focus on \u201ccritical services\u201d and take \u201ca holistic, risk-based approach to third-party risk management.\u201d<sup>5<\/sup> The European Union\u2019s Digital Operational Resilience Act (DORA) consultative process also follows this approach in its draft Regulatory Technical Standard on ICT risk management.<br><br>To help firms in this regard, Microsoft provides a variety of service features to provide continuous oversight and monitoring of cloud services used\u2014including <a href=\"https:\/\/learn.microsoft.com\/en-us\/azure\/service-health\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft Azure Service Health<\/a>, which provides a global view of the health of all Azure services across regions; <a href=\"https:\/\/azure.microsoft.com\/en-us\/products\/defender-for-cloud\/?ef_id=_k_539166860b081e71f9d00220bc26011a_k_&amp;OCID=AIDcmm5edswduu_SEM__k_539166860b081e71f9d00220bc26011a_k_&amp;msclkid=539166860b081e71f9d00220bc26011a\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft Defender for Cloud<\/a>, which delivers a Secure Score that evaluates a firm\u2019s security posture and configurations; and <a href=\"https:\/\/learn.microsoft.com\/en-us\/microsoft-365\/compliance\/compliance-manager?view=o365-worldwide\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft Purview Compliance Manager<\/a>, which assesses and manages compliance across multi-cloud environments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2-identify-concentration\">2. Identify concentration<\/h3>\n\n\n\n<p>Firms should identify where critical services are being delivered by a single service provider in ways that might create such a high level of dependency that problems such as unavailability, failures, or other shortfalls could threaten the firm\u2019s ability to deliver its own important functions. This should be done before contractual arrangements are entered into, and assessments should include whether a provider\u2019s service can be substituted, and what the benefits and costs of alternative solutions might be.<sup>6<\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-assess-alternatives\">3. Assess alternatives<\/h3>\n\n\n\n<p>It may not always be appropriate or feasible to bring a critical service back in-house or set up a multi-vendor approach. Alternatives should be weighed against potential drawbacks, unintended consequences, and risks.<sup>7<\/sup> Note that in scenarios that depend on Microsoft as the third-party provider, the concentration of services can be addressed by using Azure regions and availability zones. Firms should document which alternatives are viable and fit within their organization\u2019s risk tolerance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-design-for-resilience\">4. Design for resilience<\/h3>\n\n\n\n<p>Microsoft 365 has been <a href=\"https:\/\/learn.microsoft.com\/en-us\/compliance\/assurance\/assurance-resiliency-and-continuity\" target=\"_blank\" rel=\"noreferrer noopener\">designed for resilience<\/a>&nbsp;with built-in redundancies and multiple layers of abstraction to minimize disruptions. For added protection,&nbsp;<a href=\"https:\/\/adoption.microsoft.com\/en-us\/microsoft-365-backup-storage\/\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft 365 Backup<\/a>&nbsp;further enhances recovery capabilities\u2014offering frequent recovery points and fast bulk restores to combat incidents like ransomware. Available directly from Microsoft or through&nbsp;<a href=\"https:\/\/adoption.microsoft.com\/en-us\/microsoft-365-backup-storage\/#partners\" target=\"_blank\" rel=\"noreferrer noopener\">recognized partners<\/a>, it ensures businesses can quickly regain operations with robust performance, surpassing basic export-based solutions.<\/p>\n\n\n\n<p>For Azure IaaS deployments, design patterns are managed by customers and can be complicated. The&nbsp;<a href=\"https:\/\/learn.microsoft.com\/en-us\/azure\/well-architected\/pillars\" target=\"_blank\" rel=\"noreferrer noopener\">Microsoft Azure Well-Architected Framework<\/a>&nbsp;provides essential guidance to design reliable and secure cloud architectures. Tailored for financial services, our&nbsp;<a href=\"https:\/\/learn.microsoft.com\/en-us\/azure\/cloud-adoption-framework\/secure\/overview\" target=\"_blank\" rel=\"noreferrer noopener\">Security in the Microsoft Cloud Adoption Framework for Azure<\/a>&nbsp;delivers practical strategies and reference architectures to address cybersecurity threats, ensuring operational excellence and compliance with standards like DORA.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5-and-6-test-business-continuity-plan-and-prepare-exit-plans\">5 and 6. Test business continuity plan and prepare exit plans<\/h3>\n\n\n\n<p>Some of the more extreme threat scenarios should be fully considered, including such challenges as the loss of a datacenter or the termination of an entire provider relationship. This is best achieved by focusing on business continuity management (BCM), testing, and exit planning.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fostering-interoperability-with-principles-based-tech-neutral-regulation\">Fostering interoperability with principles-based, tech-neutral regulation<\/h2>\n\n\n\n<p>As the marketplace itself is interconnected and global in scope, one of the challenges for firms and technology providers alike is how to address myriad regulatory requirements across jurisdictions. Applying a principles-based approach will enable regulators and the industry to adapt to innovative technologies in the future. Indeed, the FSB notes that \u201cinteroperability of regulatory and supervisory approaches in the financial services sector is particularly important for financial institutions subject to multiple national or regional regulatory and supervisory frameworks.\u201d<sup>8<\/sup><\/p>\n\n\n\n<p>In a globally connected world, these overarching approaches not only can drive synergies but also enhance regulatory supervision and address risk coherently and effectively. We endorse the FSB\u2019s recommendation that \u201cfinancial sector-wide and multi-sectoral exercises can be a valuable way to explore and improve the financial services ecosystem\u2019s collective ability to respond and recover from disruption.\u201d<sup>9<\/sup> This can accelerate the convergence of strong global standards that will improve overall resilience while minimizing the need for overlapping regional regulations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-future-of-regulatory-supervision\">The future of regulatory supervision<\/h2>\n\n\n\n<p>Given the standardized nature of the cloud, we believe regulatory cooperation will benefit financial institutions, regulators, and cloud providers alike. We look forward to supporting this dialogue to facilitate common approaches and alignment on the regulatory side, and we welcome further ideas on how to achieve the goal of managing risk and supporting responsible innovation for the industry.<\/p>\n\n\n\n<p>For more on how Microsoft is contributing to efforts to improve resilience, read our whitepaper, \u201c<a href=\"https:\/\/learn.microsoft.com\/en-us\/compliance\/assurance\/assurance-fsi-resilience\" target=\"_blank\" rel=\"noreferrer noopener\">Strengthening operational resilience in financial services<\/a>\u201d and visit our <a href=\"https:\/\/servicetrust.microsoft.com\/Viewpage\/FinancialServices2\" target=\"_blank\" rel=\"noreferrer noopener\">Service Trust Portal<\/a>. As noted, for personalized help in assessing risks and meeting regulatory compliance requirements, we offer the <a href=\"https:\/\/cm-edgetun.pages.dev\/en-us\/security\/business\/services\/compliance-program-microsoft-cloud?rtc=1\">Compliance Program for Microsoft Cloud<\/a>, which includes connections with subject matter experts and in-depth resources. And stay tuned to <a href=\"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/financial-services\/\">this blog<\/a> for more updates on risk, compliance, and cloud services in the coming months.<\/p>\n\n\n<div class=\"wp-block-msxcm-cta-block theme-dark\" data-moray data-bi-an=\"CTA Block\">\n\t<div class=\"card d-block mx-ng mx-md-0\">\n\t\t<div class=\"row no-gutters bg-gray-800 text-white\">\n\n\t\t\t\n\t\t\t<div class=\"d-flex col-md\">\n\t\t\t\t<div class=\"card-body align-self-center p-4 p-md-5\">\n\t\t\t\t\t\n\t\t\t\t\t<h2>Compliance Program for Microsoft Cloud<\/h2>\n\n\t\t\t\t\t<div class=\"mb-3\">\n\t\t\t\t\t\t<p>Accelerate your cloud adoption.<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"link-group\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/cm-edgetun.pages.dev\/en-us\/security\/business\/services\/compliance-program-microsoft-cloud?rtc=1\" class=\"btn btn-link text-decoration-none p-0 text-light-blue\" target=\"_blank\">\n\t\t\t\t\t\t\t\t<span>Discover more<\/span>\n\t\t\t\t\t\t\t\t<span class=\"glyph-append glyph-append-chevron-right glyph-append-xsmall\"><\/span>\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t\t\t\t\t<div class=\"col-md-4\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"506\" src=\"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964.jpg\" class=\"card-img img-object-cover\" alt=\"A businessman in the financial services industry looks out an office window, the lights of nearby buildings in the background, as he reflects on the new year ahead.\" srcset=\"https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964.jpg 900w, https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964-300x169.jpg 300w, https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964-768x432.jpg 768w, https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964-235x132.jpg 235w, https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964-800x450.jpg 800w, https:\/\/cm-edgetun.pages.dev\/en-us\/industry\/blog\/wp-content\/uploads\/2023\/01\/iStock-1358050964-400x225.jpg 400w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><sup>1<\/sup> <a href=\"https:\/\/www.digital-operational-resilience-act.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Digital Operational Resilience Act (DORA)<\/a>.<\/p>\n\n\n\n<p><sup>2<\/sup> <a href=\"https:\/\/www.bankofengland.co.uk\/prudential-regulation\/publication\/2022\/july\/operational-resilience-critical-third-parties-uk-financial-sector\" target=\"_blank\" rel=\"noreferrer noopener\">Bank of England, DP3\/22\u2014Operational resilience: Critical third parties to the UK financial sector, July 2022<\/a>.<\/p>\n\n\n\n<p><sup>3<\/sup> <a href=\"https:\/\/www.dwt.com\/-\/media\/files\/blogs\/financial-services-law-advisor\/2023\/06\/202312340.pdf?la=en&amp;rev=85951c6e953245f3ba5788a1520410b3&amp;hash=C2ABB109D9ED7A43191B8DA527BE1909\" target=\"_blank\" rel=\"noreferrer noopener\">United States Treasury, Report on Cloud Computing\u2014Interagency Guidance on Third-Party Relationships, June 2023<\/a>.<\/p>\n\n\n\n<p><sup>4<\/sup> <a href=\"https:\/\/www.osfi-bsif.gc.ca\/Eng\/fi-if\/rg-ro\/gdn-ort\/gl-ld\/Pages\/b10_dft_2022.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Government of Canada, Third-Party Risk Management Guideline, April 2023<\/a>.<\/p>\n\n\n\n<p><sup>5<\/sup> Financial Stability Board, Enhancing Third-Party Risk Management and Oversight, Sections 2.1, 2.2, June 2023.<\/p>\n\n\n\n<p><sup>6<\/sup> <a href=\"https:\/\/www.digital-operational-resilience-act.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Digital Operational Resilience Act (DORA), Articles 28, 29<\/a>.<\/p>\n\n\n\n<p><sup>7<\/sup> Financial Stability Board, Enhancing Third-Party Risk Management and Oversight, Section 3.8.2, June 2023.<\/p>\n\n\n\n<p><sup>8<\/sup> Financial Stability Board, Enhancing Third-Party Risk Management and Oversight, Section 2.2, June 2023.<\/p>\n\n\n\n<p><sup>9<\/sup> Financial Stability Board, Enhancing Third-Party Risk Management and Oversight, Section 4.3.4, June 2023.<\/p>\n\n\n\n<p><a id=\"_msocom_5\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As technology drives unprecedented transformation in financial services, operational resilience has become an increasing area of focus for financial institutions, regulators, and technology providers alike.<\/p>\n","protected":false},"author":794,"featured_media":110410,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ms_queue_id":[],"ep_exclude_from_search":false,"_classifai_error":"","_classifai_text_to_speech_error":"","footnotes":""},"categories":[1523],"post_tag":[4289,4291],"content-type":[1483],"coauthors":[2494,3728],"class_list":["post-110407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-ai","tag-azure","content-type-thought-leadership","review-flag-1593580429-205","review-flag-1-1593580433-637","review-flag-2-1593580438-395","review-flag-3-1593580443-547","review-flag-4-1593580449-167","review-flag-5-1593580454-255","review-flag-6-1593580459-232","review-flag-7-1593580464-771","review-flag-8-1593580469-325","review-flag-9-1593580474-31","review-flag-alway-1593580311-297","review-flag-new-1593580249-279"],"yoast_head":"<!-- This site is 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