Kochański & Partners technology team has recently finished co-authoring The Cloud Model for Investment Funds, together with the Chamber of Fund and Asset Managers (IZFiA).
The Chamber of Fund and Asset Managers brings together investment fund companies, supports their development and promotion, and initiates and supports projects aimed at improving and implementing market best practice.
The Cloud Computing Model, which Kochański & Partners developed is an important and useful tool for investment fund operations to facilitate the implementation of cloud computing in their IT systems. Investment funds and investment fund companies process a large amount of information on a daily basis, including in particular legally protected information. It is therefore important to maintain advanced security and information protection mechanisms in full compliance with applicable legislation, reports Małgorzata Rusewicz, IZFiA President.
A source of best practice in technology law
The Cloud Model for Investment Funds is a set of principles and guidelines providing practical guidance for cloud-related projects and policies in the investment fund sector.
The aim of the Model is to support the digital transformation of investment fund companies, and was developed in response to certain new financial regulations and the Polish Financial Supervision Authority’s communication on information processing by supervised entities using public or hybrid cloud computing services.
It explains how regulatory requirements should be implemented, and includes a number of out of the box tools to enhance data security and standardise processes within individual organisations, such as an information classification matrix.
It is based on the Polish Cloud 2.0 document, which Kochański & Partners co-developed with the Polish Bank Association.
A common cloud standard for IZFiA members saves time, money and improves cyber security
As the exclusive legal partner for the project, Kochański & Partners prepared the full documentation and provided legal expertise at every stage. Their Technology team led and facilitated the working group discussions, giving representatives of various entities the opportunity to address all concerns and jointly develop appropriate and satisfactory solutions. The Model makes use of best practices, robustly tested in other sectors, and takes into account the legal and organisational specificities of IZFiA members.
Their goal was to support the digital transformation of investment funds, which are considered highly sensitive and require special attention due to strict regulatory requirements and industry specifics, stresses Piotr Kochański, Managing Partner and Head of the Technology Practice at Kochański & Partners.
With the Model, funds are now able to respond more efficiently and effectively to the demands of deploying cloud services, using a single, common and understandable standard, while ensuring the highest levels of cyber security and information protection for their clients, adds Piotr Kochański.
Due to their extensive experience and practical know-how in developing legal standards for highly regulated sectors, Kochański and Partners law firm is a preferred partner for technology projects.
Among other things, they are a member of the Polish Bank Association’s working groups, where they co-created PolishCloud Standard 1.0 and 2.0. This puts them at the epicenter of the most important processes related to digitalisation, giving them both the knowledge and the contacts to help clients with all issues related to technological transformation and innovation.