The Austrian Financial Market Authority (“Austrian FMA”) is responsible for the supervision of banks (in cooperation with the Austrian Central Bank), insurance companies, pension companies and the financial securities sector, including stock exchanges to promote cooperation on financial market issues and financial market stability.
The Versicherungsaufsichtsgesetz (“VAG”) addresses the Austrian FMA’s expectations when insurance or reinsurance undertakings outsource activities. The VAG provides specific guidance on audit rights, monitoring the service, reporting and information access.
Google Cloud’s contracts for financial institutions in Austria address the requirements in the VAG. To assist you with understanding how we can support you in meeting these requirements and to help you assess us as an outsourced service provider, we have also created mappings to the guidelines for both Google Cloud and Google Workspace . Google Cloud is committed to addressing these requirements regardless of how financial institutions choose to use our services.