It seems like every company is coming out with cloud-based solutions. And so it also seems like the right time to take a look at the good, the bad, and the ugly of migrating to a cloud-based solution.<\/p>\n
Removes the technology headache; allows staff to focus on other important tasks; no longer worry about functionality and software upgrades as they are taken care of for you.<\/p>\n
Saves it. Money, that is. A cloud provider can offer their services at a lower cost because it has a large enough operation to afford skilled people and state-of-the-art technology than a small or medium-sized business can offer itself.<\/p>\n
It\u2019s easily accessible from anywhere with an internet connection.<\/p>\n
The application is already up and running and the provider makes sure it keeps running. So once migrated, it\u2019s instantly available for use.<\/p>\n
This is the most obvious threat and it largely depends on the service and delivery models of the providers. For investment management firms, the best practice is to select a provider who ensures that each client has a separate, private environment and maintains the most up-to-date server security.<\/p>\n
Not only does commingling data violate the fiduciary responsibility that investment managers have with their clients, but it can also pose added security and data problems.<\/p>\n
This goes hand-in-hand with the points about security and commingling data. Ensuring confidentiality, data integrity, and availability is a direct product of security and commingling data.<\/p>\n
Of course, there is more good than bad in cloud solutions.<\/p>\n
As far as the uglies go, if a cloud solution is based on any of the uglies above, skip it.<\/p>\n
It goes without saying (but we\u2019ll say it anyway) for anyone considering upgrading to a cloud-based solution, don\u2019t upgrade without doing the proper due diligence. Make sure the requirements are understood, the risks assessed, the questions asked and the appropriate controls in place.<\/p>\n","protected":false},"excerpt":{"rendered":"
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