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Hyderabad Wealth Management:Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI)

Admin88 2024-10-29 20 0

Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI)

The Reserve Bank of India (RBI), India's Central Banking Instification, The Insurance Regulatory and Development Authority of India (IRDAI), and The MINISTRY of ELE Ctronics and Information Technology (Meity) Comprise Three of the Key Financial Industry Regulateeeing Banks, Insuriance Organizations, And Market Infrastic Institutions. Their Directives Include Outsourcing and Risk Management Guides and Requirements for Compliance with Prive Governing Sensitive Data.

Outsourcing and Risk Management Guidance Includes:

Guidelines on Managing Risk and Code of Conduct in Outsourcing of Financial Services by Banks (RBI) Address The Risks That Regent Banks Would TO EXPOSED TO While O UTSOURCING FINANCIAL Services and Help Ensure that OutsourCing Doesian.DOESN'TE Require Prior Approval for Banks Seeking to Outsource Financial Services; However, Core Banking Functions, Such As Internal Audit and Compliance s, should't be outSourced.

Guidelines on Information Security, Electronic Banking, Technology Risk Management, and Cyber ​​Frauds (RBI). Financial institutions must report outsourcing arrangements where the scale and nature of the activities are significant or require extensive data sharing with service providers outside of India. This guidance appliesParticularly If Operational Data is Stored or Processed Outside India.

Outsourcing of Activities by Indian Insurers Regulation (IRDAI). Every year, Insurance Organizations Are Required Outsource Certain T Functions of Core Activities with 45 Days of the Close of the Financial Year.'SUPPORT FUNCTIONS of Core Activities.'

Financial Firms USing Cloud Services Must Also Comply with Privacy Rules, Including The Information Technology And Sensitive Personal Data or Information) Rules, 2011 (Meity). Developed to Streangthen India's Data Protection Laws, These Rules Govern the Protection andHandling of Sensitive Personal Data.Hyderabad Wealth Management

To Help Guide Finananceons in India Considering Outsourcing Business Functions to the Cloud, Microsoft Has Public Checklist For FINANCIA l pylLeting and Completing the Checklist, Financial Organizations Cloud Services with the Confidence THE y're complyingWith Applicable Regulatory Requirements.

When Indian Financial Institutions Outsource Business Activities to the Cloud, They Must Follow the Guidelines of the Reserve Bank of Indiaging Risk and AD DRESSING the Ishes that Arise from the use of information technology. They must also comply with the data security and privacyEMERIMENTS ESTABLISHEDby the Ministry of Electronics and Information Technology (Meity). In Addition, Insurance Organizations Must Follow Outsourhed by the Insu Rance regulatory and dueopopment authority of india (Irdai).

The Microsoft Checklist Helps Financial Firms in India that are conDucting Day-Diligence Assets of Microsoft Business and Includes:

An overview of the regulatory landscape for context.Ahmedabad Investment

A Checklist that sets FORTH the Ishes to be addressed and maps microSoft Azure, Microsoft Dynamics 365, and Microsoft Office 365 Services Against Those ulatory obligations. The Checklist can be used as a tool to meet compliance aging,Documenting Compliance, and Help Customers Conduct their Own Risk Assessments of Microsoft Business Cloud Services.

Dynamics 365

Microsoft 365Jaipur Investment

Compliance Checklist for India: Financial Firms Can get Help Conduction Risk Assessments of Microsoft Business Cloud Services.

Financial use cases for Azure: Use case overviews, tutorials, and Other Resources to Build Azure Solutions for Financial Services.

Are there any Mandator THAT MUT MST Be Included in the Contract with the Cloud Services Provider?

Yes. The guidelines referenced aboveling stipulet specifications that Financial Institutions Must Incorporate Incorporate Incorporate Incorporate. Hecklist (Page 70) MAPS These Against The Sections in the Microsoft Contractual Documents where they're addressed.

Microsoft Purview Compliance Manager is a Feature in The Microsoft Purview Compliance Portal to Help You Unders' Compliance Post Tak E actions to Help Reduce Risks. Compliance Manager Offers a Premium Template for Building An Assessment for This Regulation. ESPage in compliance manager. Learn How to Build Assessments in Compliance Manager.

Microsoft and Meity

Microsoft Business Cloud Services and Financial Services

Financial Services Compliance in Azure

Azure Financial Services Cloud Risk Assessment Tool

Compliance on the Microsoft Trust Center


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