Financial Market Supervisory Authority (Switzerland) - FINMA

The Swiss Financial Market Supervisory Authority (FINMA) oversees a number of financial institutions including banks, insurance companies, superannuation, fund managers and others in Switzerland, Europe. Recognizing the increased momentum to the Cloud, FINMA is primarily responsible for protecting individuals and groups to ensure that Switzerland financial institutions are maintaining appropriate cyber security and governance programs within their organisations.

FINMA has provided an overview - The Circular 2018/3 “Outsourcing - banks and insurers” (“Circular 2018/3”) posting specific guidance and requirements applicable to cloud companies and offering assurances of outsourcing to the cloud. The outsourcing guidelines provided FINMA includes but is not limited to: monitoring, due diligence, audit rights, security, business continuity, sub-outsourcing, outsourcing to another country and the rights to issue instructions.

In support of all of our Switzerland customers operating within the financial services space, Atlassian is dedicated to helping them navigate these regulatory requirements at the national level with FINMA and the regional level with the European Banking Authority (EBA).

Our FINMA outsourcing guidance offers specific mappings to each requirement and how Atlassian Cloud Enterprise assists you in meeting your obligations, including information on audit rights, the right to issue instructions, data security, termination, and chain outsourcing. To learn more about our commitment to safeguard customer data, visit our Security Practices page.

For more information, contact us.