The Department of the Treasury has formed a new public-private executive steering group to address challenges outlined in the Financial Services Sector’s Adoption of Cloud Services report.
The Cloud Executive Steering Group will provide best practices for implementing hybrid cloud environments, document effective diligence and risk management practices as well as work to improve transparency and cloud service monitoring, the department said Thursday.
In partnership with the Office of the Comptroller of the Currency, the steering group will establish a common set of terms and definitions to support policymaking and industry cooperation.
The group will also collaborate with the Consumer Financial Protection Bureau to improve information sharing and coordination for the supervision of financial institutions.
CESG will be headed by officials from member agencies and companies of the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council.
The co-chairs of the steering group are:
- Graham Steele, treasury assistant secretary for financial institutions
- Michael Hsu, acting comptroller of the currency
- Rohit Chopra, director of CFPB
- Bill Demchak, CEO of PNC Financial Services
- Ron Green, Chair of Financial Services Sector Coordinating Council and Chief Security Officer of Mastercard