Assessment designed to help FSIs place and mitigate digital infrastructure risk
and support regulatory compliance
Uptime Institute today appear the launch of its new Standardized, Comprehensive Infrastructure Take chances Cess for Financial Sector Institutions (SCIRA-FSI). SCIRA-FSI is a breakthrough new professional person services offer past the Global Digital Infrastructure Say-so, Uptime Institute, that assesses critical IT environments across enterprise data centers, multi-tenant data centers, and public and individual clouds, to place and mitigate physical and operational outage risks.
In response to recent high-profile FSI outages and increasingly circuitous hybrid It architectures, over 30 financial supervisory authorities in Europe, in conjunction with the European Banking Authority, have implemented regulatory requirements designed to encourage more constructive risk management practices. These crave regulated FSIs to periodically assess outage risks across their complete data center estate. This focus by regulators and governments on minimizing FSI outages is rapidly spreading across the globe, with similar requirements from the Bank of England & Prudential Regulatory Say-so, Federal Reserve and Office of the Comptroller of the Currency in the U.s., the Monetary Authority of Singapore and the People’s republic of china Banking and Insurance Regulatory Committee, amongst others.
The growing regulatory requirements for the FSI community and the accelerating adoption of more circuitous hybrid IT infrastructures has demanded a response. To come across this need, in early 2020 Uptime Institute established a group of FSI Program Design Partners consisting of over twenty global FSIs to build a standardized approach to assessing digital infrastructure risk, in order to identify, minimize and mitigate outages across their enterprise-owned and third-party infrastructure service partners data center estate. SCIRA-FSI is the result of this “ecosystem collaboration”, which volition assistance FSIs comply with emerging regulatory requirements while optimizing resource efficiency and streamlining the costs and administrative burden of conducting prompt due diligence, audits, and compliance reviews.
“Any outage is a painful and expensive incident. However, financial services outages tin can exist extremely plush, and can result in fiscal penalties and sanctions for noncompliance. In addition to lost revenue, reduced productivity, and customer and investor dissatisfaction, there is the specter of cardinal, if not potentially irreparable reputational damageastward,” said
Ali Moinuddin, Managing Managing director, Europe, Uptime Plant. “Our new SCIRA-FSI program gives FSIs a way to thoroughly assess their entire information center estate and place and mitigate digital infrastructure outage risk. As regulatory pressure mounts in Europe and across, FSI’s are compelled to increase their understanding of systemic vulnerabilities, and minimize outage take chances to support all disquisitional business services and improve operational resilience.”
SCIRA-FSI is based on Uptime Institute’s analysis of over 20 data center and commonly applied financial sector standards, internal assessment protocols shared by its Program Design Partners, mutual FSI infrastructure risks gathered from Uptime Constitute’southward Abnormal Incident Report database of eight,000 information points on the root cause of outages, and Uptime Institute’s experience working on over 250 FSI projects beyond the world.
Upon completion of a portfolio level SCIRA-FSI plan, clients receive a detailed report on the current physical and operational risks of their hybrid digital infrastructure along with actionable recommendations for resolving them. This not simply aids FSIs in their efforts to proactively prevent downtime incidents merely serves as documentation for regulatory filing requirements to testify that a comprehensive risk management assessment has been completed for infrastructures that back up important and critical business services.
Financial institutions interested in participating in the SCIRA-FSI programme and arranging infrastructure portfolio, level assessments can contact Uptime Institute here.
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