By Mike Nonaka
On July 10, the Federal Financial Institutions Examination Council (FFIEC) issued risk management guidance for depository institutions’ use of cloud computing. The guidance defines cloud computing generally as “a migration from owned resources to shared resources in which client users receive information technology services, on demand, from third-party service providers via the Internet ‘cloud.’” The guidance also considers cloud computing to be a form of outsourcing subject to the risk management requirements set forth in the FFIEC Information Technology Examination Handbook for Outsourcing Technology Services.