The Office of the Superintendent of Financial Institutions Canada (“OSFI”) is responsible for regulating federally registered banks and insurers, trust and loan companies, as well as private pension plans in Canada. OSFI contributes to the safety and soundness of the Canadian financial system.
The B-10 Outsourcing of Business Activities, Functions and Processes (“B-10 Guideline”) addresses OSFI’s expectations on regulated entities that outsource business activities to service providers, in particular the practices, procedures and standards that should be applied to the outsourcing arrangement. The B-10 Guideline provides specific guidance for regulated entities on: due diligence, contractual terms, data location, business continuity, outsourcing in foreign jurisdictions, monitoring and oversight.
Google Cloud’s contracts for financial institutions in Canada address the requirements in the B-10 Guideline. 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.