Penta Successfully Completes FINMA Compliance Review for Financial Services
Private cloud provider meets Swiss financial regulator standards to provide services to the financial sector.
Geneva, Switzerland, June 06, 2014 --(PR.com)-- Swiss private cloud provider Penta has successfully met the Swiss Financial Market Supervisory Authority’s (FINMA) compliance standards for outsourcing. The audit – completed by EY (Ernst & Young) – means that Penta’s operations and infrastructure meet the strict IT standards required for banks, securities dealers and larger financial groups in Switzerland.
“The standards established by FINMA are some of the most stringent for any business that seeks to be under regulatory compliance,” says Penta CEO Farhad Khalilnia. “This audit means that Penta meets the standards of one of the most tightly regulated industries, across many areas, from operations excellence to financial stability and adherence to confidentiality and data protection laws.”
The FINMA outsourcing standards are referred to as Circular 08/7, first published in 2008 and updated in 2012. Meeting the standards set out in the circular means identifying, mitigating and monitoring the market, credit, default, settlement, liquidity and reputational risks, as well as the operational and legal risks, when outsourcing part of a financial institution’s operations. The standard also requires adherence to Swiss data protection laws.
Penta provides tailored IT solutions based on its own network of data centers in Geneva, Lausanne, Dubai and Tokyo, with a particular emphasis on security, confidentiality, business continuity and regulatory compliance. Solutions can be complete IT outsourcing – including servers, IP telephone systems and mobile communications – to hosting specific services or applications.
“Our clients – whether FINMA regulated or not – all benefit from the same high standards,” adds Khalilnia. “In addition, our entire operations are also continuously audited to ISAE 3402 Type 2 standards by EY [Ernst & Young]. We assume the cost and hassle of meeting regulatory IT compliance and any client can ask us for the compliance reports to submit to their industry regulator – or simply for peace of mind.”
Contact: Peter Philp, communications manager, +41 78 769 0035, peter@penta.ch
About Penta
Penta is a private cloud-based information system management company founded in 1996 and headquartered in Geneva, with offices in Dubai’s DIFC. Its clients are predominantly in the financial sector and other sensitive industries that require high reliability, data security, regulatory compliance and ensured business continuity. Penta’s approach is to partner with clients to supply a complete IT package in order to add value to operations and ensuring a better return on IT investments. Additional information is available at www.penta.ch.
“The standards established by FINMA are some of the most stringent for any business that seeks to be under regulatory compliance,” says Penta CEO Farhad Khalilnia. “This audit means that Penta meets the standards of one of the most tightly regulated industries, across many areas, from operations excellence to financial stability and adherence to confidentiality and data protection laws.”
The FINMA outsourcing standards are referred to as Circular 08/7, first published in 2008 and updated in 2012. Meeting the standards set out in the circular means identifying, mitigating and monitoring the market, credit, default, settlement, liquidity and reputational risks, as well as the operational and legal risks, when outsourcing part of a financial institution’s operations. The standard also requires adherence to Swiss data protection laws.
Penta provides tailored IT solutions based on its own network of data centers in Geneva, Lausanne, Dubai and Tokyo, with a particular emphasis on security, confidentiality, business continuity and regulatory compliance. Solutions can be complete IT outsourcing – including servers, IP telephone systems and mobile communications – to hosting specific services or applications.
“Our clients – whether FINMA regulated or not – all benefit from the same high standards,” adds Khalilnia. “In addition, our entire operations are also continuously audited to ISAE 3402 Type 2 standards by EY [Ernst & Young]. We assume the cost and hassle of meeting regulatory IT compliance and any client can ask us for the compliance reports to submit to their industry regulator – or simply for peace of mind.”
Contact: Peter Philp, communications manager, +41 78 769 0035, peter@penta.ch
About Penta
Penta is a private cloud-based information system management company founded in 1996 and headquartered in Geneva, with offices in Dubai’s DIFC. Its clients are predominantly in the financial sector and other sensitive industries that require high reliability, data security, regulatory compliance and ensured business continuity. Penta’s approach is to partner with clients to supply a complete IT package in order to add value to operations and ensuring a better return on IT investments. Additional information is available at www.penta.ch.
Contact
Penta
Peter Philp
+41 22 316 1000
www.penta.ch
Peter Philp
+41 22 316 1000
www.penta.ch
Contact
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