Deloitte on cloud risks II: Standards present and missing
By Carol Ko 08-May-2012
What auditing and compliance standards are lacking in the market that hinders cloud adoption by banking and financial institutions?
"Even if the data is stored locally, banks would face the inconsistency challenges, meaning that regulations for cloud computing will be interpreted, audited and enforced differently."
-- Peter Koo, partner, enterprise risk services, Deloitte China
What are the applicable standards that aid governance and compliance?
"[T]here is also a need to enhance the existing standards to cover new dimensions, including cross-data jurisdiction and sharing of virtual space"
-- Peter Koo, Deloitte China