FINMA Circular 2018/3 Outsourcing
The Swiss Financial Market Supervisory Authority (“FINMA”) is responsible for inspection and supervision of banks, insurance companies, financial institutions, collective investment schemes, fund managers and insurance intermediaries. FINMA is responsible for protecting creditors, investors and policyholders in addition to ensuring that Switzerland’s financial markets function effectively.
The Circular 2018/3 “Outsourcing - banks and insurers” (“Circular 2018/3”) defines the supervisory requirements applicable to outsourcing requirements in terms of appropriate organisation and risk limitation. Circular 2018/3 provides specific guidance on: monitoring, due diligence, audit rights, security, business continuity, sub-outsourcing, outsourcing to another country and the rights to issue instructions.
Google Cloud’s contracts for financial institutions in Switzerland address the requirements in the Circular 2018/3. We have also created mappings to the guidelines for both GCP and Google Workspace to assist you with understanding how we can support you with meeting the requirements and assess us as an outsourced service provider. Google Cloud is committed to addressing these requirements regardless of how financial institutions choose to use our services.