The Korean Financial Services Commission (“FSC”) is responsible for preserving market stability, enforcing fair market practices, and protecting financial customers and advancing South Korea’s financial industry.
The Regulation on Outsourcing of Information Processing Business of Financial Institutions (“the IT Outsourcing Regulations”) addresses the FSC’s requirements on how financial institutions should conduct their outsourcing arrangements. They provide specific guidance on: risk assessment, termination and subcontracting, monitoring the outsourced function, protection of customer data, business continuity and the contents of the outsourcing agreement.
Google Cloud’s contracts for financial institutions in South Korea address the requirements in the IT Outsourcing Regulations. We have also created mappings to the guidelines 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.