ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
ESMA's guidelines on outsourcing to cloud service providers: governance and the outsourcing register, pre-outsourcing risk assessment and due diligence, minimum contract terms, information security, exit strategies, access and audit rights, sub-outsourcing and notification to the competent authority.
ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) is a compliance framework from European Union with 8 domains and 33 controls. The largest domains are Guideline 6: Access and audit rights – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) (8 controls), Guideline 1: Governance, oversight and documentation – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) (7 controls), Guideline 2: Pre-outsourcing analysis and due diligence – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) (7 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (8)
Guideline 1: Governance, oversight and documentation – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::12 | Keep a defined, up-to-date cloud outsourcing strategy |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::13 | Assign responsibilities, resource compliance and set up oversight of cloud outsourcing |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::14 | Monitor cloud service provider performance, security and service levels on a risk basis |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::15 | Reassess whether each arrangement is critical or important |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::16 | Maintain a register of all cloud outsourcing arrangements |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::17 | Record the required details for every critical or important arrangement |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::18 | Define what the register holds for non-critical arrangements |
Guideline 2: Pre-outsourcing analysis and due diligence – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::19 | Before outsourcing: assess criticality, risks, due diligence and conflicts of interest |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::20 | Make the pre-outsourcing analysis proportionate and cover operational, legal, compliance and reputational impact |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::21 | For critical or important functions: assess the full risk picture and weigh costs and benefits |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::22 | Evaluate the suitability of the cloud service provider for critical or important functions |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::23 | Use certifications and audit reports to support due diligence where appropriate |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::24 | Review or redo due diligence when significant deficiencies or changes come to light |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::25 | Decide on a risk basis whether new due diligence is needed for a new or renewed arrangement with an assessed CSP |
Guideline 3: Key contractual elements – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::26 | Set out the rights and obligations of firm and provider in a written agreement that the firm can terminate |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::28 | Include the minimum contractual elements for critical or important functions |
Guideline 4: Information security – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::29 | Set information security requirements in policy and contract and monitor compliance |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::30 | For critical or important functions: apply the minimum information security measures |
Guideline 5: Exit strategies – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::31 | Be able to exit critical or important cloud arrangements without undue disruption |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::32 | Build the exit strategy around objectives, triggers, impact analysis, roles, testing and success criteria |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::33 | Monitor for exit trigger indicators as part of ongoing oversight |
Guideline 6: Access and audit rights – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::34 | Keep the contract from limiting the firm's and the competent authority's access and audit rights |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::35 | Scale the exercise of access and audit rights to criticality and risk |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::36 | Agree alternative assurance where an audit would put the provider's environment at risk |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::37 | Use third-party certifications, audit reports and pooled audits to use audit resources efficiently |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::38 | Assess the adequacy of certifications and reports for critical or important functions and avoid sole reliance |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::39 | Rely on certifications and reports only when the scope, currency, auditor, standards and rights are satisfactory |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::40 | Give the provider reasonable prior notice of on-site visits, except in emergencies |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::41 | Staff audits and report reviews with people who have the skills for cloud services |
Guideline 7: Sub-outsourcing – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::42 | Where sub-outsourcing of critical or important functions is permitted, set the contractual conditions |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::43 | Make sure the provider oversees its sub-outsourcers |
Guideline 8: Written notification to competent authorities – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)
| Code | Title |
|---|---|
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::44 | Notify the competent authority in writing of planned critical or important cloud outsourcing |
| esma-guidelines-on-outsourcing-to-cloud-service-providers-esma50-157-2403::45 | Include the required content in the notification |
What is ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) and who does it apply to?
ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) is a compliance framework from European Union with 8 domains and 33 controls. ESMA's guidelines on outsourcing to cloud service providers: governance and the outsourcing register, pre-outsourcing risk assessment and due diligence, minimum contract terms, information security, exit strategies, access and audit rights, sub-outsourcing and notification to the competent authority. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) actually require?
ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) has 33 controls organised across 8 domains. The largest domains are Guideline 6: Access and audit rights – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) (8 controls), Guideline 1: Governance, oversight and documentation – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) (7 controls), Guideline 2: Pre-outsourcing analysis and due diligence – ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) (7 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) do I already cover?
ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement ESMA Guidelines on Outsourcing to Cloud Service Providers (ESMA50-157-2403)?
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