Cloud Computing has become one of the most inevitable turnkey technologies across various industry sectors. However, along with the advantages and business benefits come complications related to legal and regulatory aspects. In continuation to the series on Cloud Computing for the BFSI sector, Lex Witness jointly with Microsoft successfully completed the 2nd round table in Mumbai last month.
India Inc. is all geared up towards making Digital India a dream come true. Virtually, all business sectors today are poised to bring in the best of technological benchmarks to keep pace with the dynamic customer expectations and the cut throat competition that exists today. Amongst many others, Cloud Computing is one of the top of the check points today. It not only brings down infrastructure costs but empowers business functions with advantages like flexibility, agility and much more.
There are areas of legal, security, regulatory, compliance and risk management aspects that need to be addressed to with utmost domain knowledge expertise and professional outlook. This becomes even more critical for the BFSI sector keeping in mind the governance oversight in terms of law & regulations and secondly, the data privacy aspects which remains an underlying pre-determinant of the sector. An expansive product range and geographical coverage adds on to the complications that the sector has.
The In-House Counsel & the Technology Leaders share a huge responsibility to assess the related legal, regulatory, security issues and compliances while keeping pace with the latest technology advances the industry is evolving with as far Cloud Computing is concerned. It is imperative for the BFSI sector to understand issues around data confidentiality, privacy, data security, compliance, audit, data breach, regulatory approvals and service level agreements. With the above context, this round table discussion aimed at deliberating around the Cloud as a technology innovation with key focus on regulatory policy and challenges, adopters, legal frameworks to evaluate a cloud provider.
The event was a closed door and an invitation based one. It gathered attendance from both legal and information security profiles from various organization of the BFSI sector in the NCR. It commenced with a Welcome Note by Nitza Agrait Vila, Commercial Lead, Microsoft India followed by a Keynote Address by Amitabh Lal, Director & Head – Legal, Compliance & Regulatory, Max Life Insurance Company Ltd where he stressed on Technology as An Imperative for the BFSI Sector with Special Focus on Cloud Computing. Following the inaugural sessions, there was a dedicated session on India & Cloud Computing – A Regulatory Overview – Current Milestones & Way Forward, Policy Frameworks, Opportunities Challenges and Early Adopters etc. by Sandip Beri, Partner, Shardul Amarchand Mangaldas.
After the inaugural addresses and technical sessions, the event moved towards an action packed workshop anchored by Apurva Mehta, Commercial Attorney, Microsoft – Workshop on Cloud – Legal and Regulatory Issues. The audience was divided into groups with different topics and subjects of discussion related to legal and information security challenges that any organization would typically face. The groups were allocated a time band of about 30 mins each to discuss and deliberate. The respective leaders then presented the discussion points one by one which were then summarized and discussed by Apurva towards the end of the day.
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