OSFI Guideline B-10 and how AWS supports our financial services customers with compliance

The article summarizes how AWS supports financial services customers in complying with the revised Guideline B-10 from the Office of the Superintendent of Financial Institutions (OSFI) Canada on Third-Party Risk Management.

Specifically, the article covers:

• Overview of the key changes in the revised Guideline B-10, including expanded third-party risks, principles-based approach, focus on criticality of arrangements, management of subcontractor and concentration risks, and specific expectations for cloud adoption.
• AWS's approach to supporting customers, including a dedicated team of financial services industry specialists, free resources like whitepapers and compliance programs, and plans to update the AWS User Guide for Canadian financial institutions.
• The benefits of cloud adoption for financial institutions, such as improved security, flexibility, scalability, and resilience, and the importance of not introducing barriers to cloud adoption.
• Conclusion: AWS welcomes OSFI's risk-based approach and encourages customers to contact their account team or AWS for assistance with Guideline B-10 compliance.