U.S. Department of the Treasury Kicks Off Public-Private Executive Steering Group to Address Cloud Report Recommendations

The U.S. Department of the Treasury has published a press statement to announce the launch of the so-called Cloud Executive Steering Group (CESG), a public-private partnership focused on enhancing regulatory and private sector cooperation in matters concerning cloud services. The CESG aims to address challenges related to the increasing adoption of cloud services in the financial sector. It will report to the Financial Stability Oversight Council (FSOC), Financial and Banking Information Infrastructure Committee (FBIIC), and Financial Services Sector Coordinating Council (FSSCC) and is comprised of representatives of financial market regulators and financial institutions themselves.
Chaired by leaders in the financial sector, the CESG will facilitate public-private engagement and drive collaboration to achieve the following key objectives:
– the documentation of effective practices for managing cloud-related risks;
– the development of „best practices“ for cloud adoption strategies;
– the improvement of transparency and the oversight over cloud service providers;
– the establishment of common terms and definitions used in the context to facilitate a common understanding by both financial institutions and regulators;
– the enhancement of information sharing and collaboration as far as the supervision of financial institutions‘ cloud-related risks are concerned; and
– the evaluation of existing monitoring practices concerning cloud service providers.