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
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.