THE ISSUE OF POSSIBLE USE OF CLOUD COMPUTING SERVICES BY BANKING SYSTEM ENTITIES IN BOSNIA AND HERZEGOVINA
THE ISSUE OF POSSIBLE USE OF CLOUD COMPUTING SERVICES BY BANKING SYSTEM ENTITIES IN BOSNIA AND HERZEGOVINA

Summary/Abstract: The applicable laws and regulations in Bosnia and Herzegovina do not specifically prescribe direct restrictions relating to the establishment and use of cloud computing services by banking system entities in Bosnia and Herzegovina. However, the use of this type of service is a segment of the outsourcing of business activities that supports the core business. According to the decisions of the entity banking agencies in Bosnia and Herzegovina on outsourcing management, banks in Bosnia and Herzegovina are obliged to provide the process of implementing and managing outsourcing and risks that can result from the outsourcing. In addition to banks, other entities of the banking system in Bosnia and Herzegovina should consider the provisions of the outsourcing decisions when considering the arrangements for outsourcing. A large part of the requirements of outsourcing decisions are what any conscientious and prudent cloud computing client, whether regulated or not, should take in any case. In this paper, we outline some of the requirements that banking system entities in Bosnia and Herzegovina should ensure in the process of implementing and managing outsourcing and the risks that may arise from outsourcing.

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