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ARTICLE · 26 APRIL 2021

Reg Tech cloud services agreements – assessing the real risks

By considering the real risks of a reg tech solution, you can determine criticality and priority of contract amendments.

AustraliaTechnology

Part 1 - Setting the scene, service levels and data

The conversation usually goes a little like this when you ask most cloud services providers to amend their terms.

"We're a one to many provider, our pricing is based on having a single offering with a consistent approach to risk"

"We don't control your data, the solution allows you to configure appropriate protections and you are responsible for back-ups"

"We don't even know what sorts of data you use through the solution"

At this point, it's time to do a practical risk assessment to work out which key issues you want to raise for negotiation, having regard to the factors which mitigate the risks associated with the agreement at a top level, such as:

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