The Office of the Superintendent of Financial Institutions Canada (“OFSI”)
is responsible for regulating federally registered banks and
insurers, trust and loan companies, as well as private
pension plans in Canada. OFSI contributes to the safety and
soundness of the Canadian financial system.
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 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.