Managing risk

A new delivery model for technology, cloud brings with it the promise of significant benefit to organizations, but it's not without risks. To fully realize the benefits of cloud, CFOs like you must understand and prepare for these potential risks, rather than be hindered by them.

The three main areas to be considered are:

• Governance and compliance
• Data security
• Vendor reliability

Education

Risk, Compliance and Governance in the Cloud: PDF 434 KB Forrester: Q&A Demystifying Cloud Security: PDF 177 KB Gartner: Key Risks to Consider: Video 05:18 CFO.com: Cloud Control: Article CFO.com: Performance, Location, Security, Business Model: Your Choice : Article

Questions to consider

How is your Chief Security Officer (CSO) or head of compliance collaborating with the CIO team to ensure that data being handled by third parties meets your requirements for data security and compliance?

Should your audit process be changed to provide greater focus on third party handling of sensitive information?

What adjustments need to be made to the vendor assessment process to appropriately protect your business where cloud-based solutions are being procured? What contract terms need to change?

Best Practices

“ The data security risks associated with cloud are widely known and socialized. However there are other less common risks a CFO should consider such as vendor lock-in. Before moving any digital assets to a cloud environment, CFOs should familiarize themselves with all the potential risk they may be subject to.”