Our educational series, ‘Champions of Cloud: Charting FSIs Forward,’ is born from the resounding success of our event in partnership with AWS and PayNet in August 2023, which was dedicated to Bank Negara Malaysia’s (BNM) release of Appendix 10 (Formerly CTRAG) within its Risk Management in Technology (RMiT) Policy Document. The overwhelming enthusiasm and engagement of our audience, inspired us to delve deeper into this subject, addressing the pertinent questions that arose during the event.
In this blog series, we are excited to offer a comprehensive exploration of our findings and the considerations that financial service institutions (FSIs) should consider when navigating the cloud securely and in compliance with regulations. This series is meticulously crafted to empower FSI professionals who are at the beginning of their cloud journey, those aiming to enhance their existing cloud programs, or those seeking to realign their current strategies.
Over the next six months, we will delve into six crucial topics that aim not only to inform but also to guide decision-making and drive proactive initiatives within your organisation.
Why “Champions of Cloud”?
It’s a key moment in time for the Malaysia FSI Industry, where two compelling events have provided an encouraging signal for the adoption of Cloud. The first being BNM’s amendment and Introduction of Appendix 10 to RMiT, which provides sound guardrails for the industry to follow. The second, being AWS’s Investment to launch an Infrastructure region In Malaysia, which is the largest international technology investment to date in Malaysia. This level of commitment will set foundations to further drive Innovation across the FSI Industry.
What to Expect
During our event, we received over 100 questions from the audience. We’ve organised these questions into six key topics, with each month dedicated to an in-depth exploration of one of these subjects (outlined below). These articles will serve as your guiding compass, offering valuable insights, strategies, and best practices for a secure and compliant cloud adoption.
Our Upcoming Topics
Throughout this series, we will explore the following themes:
- Embracing Cloud: Perspectives from Early Adopters – How are Malaysia’s cloud trailblazers tackling the move to cloud, and what are suitable strategies for Malaysian FSIs looking to migrate? What are our data residency obligations? Is multi-cloud a must?
- BNM Compliance Process and Obligations – Navigate RMiT and Appendix 10 requirements: What are all the steps required around consultation, notification and risk assessments? How should we interpret changes introduced by the latest RMiT revision? What are best practices around control framework design?
- Security of the Cloud, Security in the Cloud – Understand cloud security fundamentals for FSIs and learn about the cloud service provider’s role in cloud security. How does cloud security compare to on-premise? How is our data kept safe, and are VPCs really secure? How will security functions be impacted?
- Migrating Critical Workloads – Understanding considerations for migrating core banking applications and other critical workloads. We dive in on the delicate balance of architecting workloads to reap the benefits of cloud while still adhering to regulatory requirements, including exit strategy planning.
- Cloud Disaster Recovery – Dive into the essentials of disaster recovery and business continuity planning. How much resilience is enough? What resilience is provided by the CSP and what do we need to architect for? How Well Architected Reviews can help identify gaps and dependencies within your critical workloads. Setting RTO/RPO, managing 3rd party dependencies, understanding SaaS service agreements and their impact DR Strategy.
- Building FSI-Grade Landing Zones – We offer our views on what ‘good’ looks like for an FSI-grade cloud landing zone. We dive into how you can build on managed services like Control Tower by layering these concepts and opinions on top in order to achieve a secure and compliant cloud platform.
Hear from leaders during our event on what the signal from BNM means to the community:
We believe that in the digital era, FSIs require champions—individuals and institutions leading the way in embracing cloud technology while upholding the highest standards of security and compliance. These champions are the trailblazers, visionaries, and stewards of a brighter future for the banking industry.
We invite you to embark on this exciting journey with us, become a champion of cloud adoption in the banking industry, and pave your path forward. Together, we will spark conversations and empower our community to seize this pivotal cloud opportunity in Malaysia.
Join our LinkedIn Community!
Recognising the value of collaboration and peer-to-peer learning, we’ve created a LinkedIn Group to unite our community. This platform is your gateway to networking, sharing insights, and learning from industry professionals. Here’s what the group offers:
- A Community of Practice: Engage in discussions with peers and experts to share experiences and drive industry progress.
- Exclusive Content: Gain access to interviews and thought leadership from FSI leaders, partners, and experts.
- Monthly Meetups: Dive deeper into each month’s topic, ask questions, and connect with like-minded individuals.
Stay tuned for our first blog post, coming soon, and together we will become the true ‘Champions of Cloud’!