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
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.