The Danish Financial Supervisory Authority or Finanstilsynet, (“Danish FSA”) is the financial regulatory authority responsible for the supervision of financial undertakings (banks, mortgage-credit institutions, pension and insurance companies etc) in Denmark. The Danish FSA monitors the activities of financial undertakings to ensure they manage their risk.
Executive Order 877 addresses the Danish FSA’s expectation on how regulated entities should approach outsourcing services to third party service providers and provides specific guidance on: subcontracting, contingency planning, exit/transfer, and the outsourcing contract.
Google Cloud’s contracts for financial institutions in Denmark address the requirements in Executive Order 877. We have also created mappings to Executive Order 877 for both Google Cloud 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.