Uptime Institute Launches Standardized Comprehensive Infrastructure Risk Assessment for the Financial Sector | Messages

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NEW YORK–(BUSINESS WIRE)–Aug. February 2022–

Uptime Institute announced today the launch of its new standardized comprehensive infrastructure risk assessment for financial sector institutions ( SCIRA FSI ). SCIRA-FSI is a groundbreaking new professional service offering from the Global Digital Infrastructure Authority, Uptime Institute, that assesses critical IT environments in enterprise data centers, multi-tenant data centers, and public and private clouds to identify and mitigate physical and operational failures risks.

In response to the recent high-profile FSI failures and increasingly complex hybrid IT architectures, over 30 financial regulators in Europe, in collaboration with the European Banking Authority, have introduced regulatory requirements designed to encourage more effective risk management practices. These require regulated FSIs to regularly assess the risk of failure across their entire data center inventory. This focus by regulators and governments on minimizing FSI defaults is spreading quickly around the world, with similar requirements from the Bank of England and the Prudential Regulatory Authority, the Federal Reserve and the Office of the Comptroller of the Currency in the United States States, the Monetary Authority of Singapore and, among others, the China Banking and Insurance Regulatory Commission.

The growing regulatory demands for the FSI community and the accelerated adoption of more complex hybrid IT infrastructures required an answer. To address this need, the Uptime Institute formed a group of FSI program design partners in early 2020, comprised of over 20 global FSIs, to develop a standardized approach to assessing the risk of digital infrastructure to mitigate failures in their corporate and data center assets Third Party Infrastructure Service Partners. SCIRA-FSI is the result of this “ecosystem collaboration” that will help FSIs meet emerging regulatory requirements while optimizing resource efficiency and reducing the cost and administrative burden of conducting immediate due diligence, audits and compliance – Streamline exams.

“Every failure is a painful and expensive incident. However, financial service failures can be extremely costly and result in fines and sanctions for non-compliance. In addition to lost sales, reduced productivity and customer and investor dissatisfaction, there is the specter of fundamental, if not potentially irreparable, reputational damage,” said Ali Moinuddin, Managing Director, Europe, Uptime Institute. “Our new SCIRA-FSI program gives FSIs the ability to thoroughly assess their entire data center inventory and identify and mitigate the risk of digital infrastructure failure. As regulatory pressures mount in Europe and beyond, FSIs are forced to improve their understanding of systemic vulnerabilities and mitigate downtime risk to support all critical business services and improve operational resiliency.”

SCIRA-FSI is based on the Uptime Institute’s analysis of over 20 data centers and commonly applied financial sector standards, internal assessment logs shared by its program design partners, and general FSI infrastructure risks retrieved from the Uptime Institute’s database of unusual event reports 8,000 data points were collected at the root cause of outages and the Uptime Institute’s experience working on over 250 FSI projects around the world.

Upon completion of a portfolio-level SCIRA FSI program, clients receive a detailed report on the current physical and operational risks of their hybrid digital infrastructure and actionable recommendations on how to resolve them. This not only assists FSIs in their efforts to proactively prevent downtime, but also serves as documentation for regulatory filing requirements to demonstrate that a comprehensive risk management assessment has been performed on infrastructure supporting vital and critical business services.

Financial institutions interested in participating in the SCIRA-FSI program and arranging infrastructure portfolio level assessments may contact the Uptime Institute here.

About the Uptime Institute

The Uptime Institute is the world’s leading authority on digital infrastructure. Its tier standard is the IT industry’s most trusted and widely adopted global standard for the proper design, construction and operation of data centers – the backbone of the digital economy. For over 25 years, the company has served as the standard for data center reliability, sustainability and efficiency, providing customers with the assurance that their digital infrastructure can perform at a level that meets their business needs, under a wide range of operating conditions. With its tier data center standards and certifications, management and operational audits, a wide array of associated risk and performance assessments, and an accredited curriculum completed by over 10,000 data center professionals, the Uptime Institute has served thousands of organizations in over 100 countries , optimize critical data IT assets while managing costs, resources and efficiency.

Uptime Institute is headquartered in New York, NY with offices in Seattle, London, Moscow, Sao Paulo, Dubai, Singapore and Taipei. For more information, please visit www.uptimeinstitute.com.

learn more: For more information on the Uptime Institute’s new SCIRA FSI rating, see the product overview and resources here. And register for a webinar on March 8th at 15:00 GMT on the state of risk of digital infrastructure in the financial sector and the new SCIRA-FSI assessment here.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220215005363/en/

CONTACT: Brenda South, Uptime Institute

[email protected]

KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: SOFTWARE NETWORKS INTERNET PROFESSIONAL SERVICES HARDWARE DATA MANAGEMENT TECHNOLOGY SEMICONDUCTORS SECURITY FINANCE OTHER TECHNOLOGY TELECOMMUNICATIONS

SOURCE: Uptime Institute

Copyright Business Wire 2022.

PUB: 2/15/2022 3:02 AM / DISC: 2/15/2022 3:02 AM

http://www.businesswire.com/news/home/20220215005363/en

Copyright Business Wire 2022.

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