--- title: "FINOS In The News: As 'big tech' dominates cloud use for banks, regulators may need to get tougher" description: A recent article by Sophia Furber of S&P Global Market Intelligence, FINOS Chief Development Officer Rob Underwood is quoted as the article discusses cloud, financial services, risk mitigation, and the role of regulators. image: https://www.finos.org/hubfs/FINOS-in-the-news-sandp-global-market-intelligence-aug20.png --- [![FINOS](https://www.finos.org/hs-fs/hubfs/sofin%20assets/SOFIN%20LOGOS/finos-logo.png?width=543&height=126&name=finos-logo.png "FINOS")](https://finos.org) - [Projects](https://www.finos.org/projects) - [Artificial Intelligence (AI)](https://ai.finos.org/) - [Common Domain Model (CDM)](https://www.finos.org/common-domain-model) - [FDC3](https://www.finos.org/fdc3) - [Fluxnova](https://fluxnova.finos.org) - [FINOS Common Cloud Controls](https://www.finos.org/common-cloud-controls-project) - [High Performance Computing (HPC)](https://hpc.finos.org) - 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[![FINOS-in-the-news-sandp-global-market-intelligence-aug20](https://www.finos.org/hs-fs/hubfs/FINOS-in-the-news-sandp-global-market-intelligence-aug20.png?width=2000&name=FINOS-in-the-news-sandp-global-market-intelligence-aug20.png)](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/as-big-tech-dominates-cloud-use-for-banks-regulators-may-need-to-get-tougher-59669007) Here is an excerpt from that article: > “In the meantime, some industry participants are taking matters into their own hands. > > FINOS, the Fintech Open Source Foundation, an industry body that counts Goldman Sachs Group Inc., Morgan Stanley and HSBC Holdings PLC among its members, is in the process of developing standards for the use of cloud services in banking. > > "One obstacle we're hearing our bank members bring up in particular is the lack of common controls and control tests across cloud providers," Rob Underwood, chief development officer at FINOS, said in an email."”  [**The full article can be found here**](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/as-big-tech-dominates-cloud-use-for-banks-regulators-may-need-to-get-tougher-59669007)   ### Share this: - [Tweet](https://twitter.com/share) [← FINOS In The News: When will banks stop worrying and learn to love Open Source?](https://www.finos.org/news/finos-in-the-news-when-will-banks-stop-worrying-and-learn-to-love-open-source) [FINOS In The News: The FinTech Podcast with Gabriele Columbro →](https://www.finos.org/news/finos-in-the-news-the-fintech-podcast-with-gabriele-columbro) [![FINOS Logo](https://www.finos.org/hs-fs/hubfs/sofin%20assets/SOFIN%20LOGOS/FINOS_Icon_Wordmark_White.png?width=689&height=971&name=FINOS_Icon_Wordmark_White.png "FINOS Logo")](https://www.finos.org/) [![Twitter logo](https://finos.org/hubfs/2419532/FINOS/website/logos/social-logos/twitter-blue-social-panel.png)](https://twitter.com/finosfoundation) [![GitHub logo](https://finos.org/hubfs/2419532/FINOS/website/logos/social-logos/github-black-social-panel.png)](https://finos.github.io) [![LinkedIn logo](https://finos.org/hubfs/2419532/FINOS/website/logos/social-logos/linkedin-blue-social-panel.png)](https://www.linkedin.com/company/finosfoundation) [![SlideShare logo](https://finos.org/hubfs/2419532/FINOS/website/logos/social-logos/Homepage%20Social%20Panel/slideshare-logo.png)](https://www.slideshare.net/finosfoundation) [![YouTube logo](https://finos.org/hubfs/2419532/FINOS/website/logos/social-logos/Homepage%20Social%20Panel/youtube_logo-1.png)](https://www.youtube.com/channel/UCfJAdRALzJ7J7snubrb_Y-Q) [Contact Us](https://www.finos.org/contact-us) [info@finos.org](mailto:info@finos.org) +1 (650) 665-9773 [Privacy | ](https://www.finos.org/privacy-policy)[Terms of Service |](https://www.finos.org/terms-of-service)[Community Code of Conduct |](https://www.finos.org/code-of-conduct)[Email Preferences](https://www.finos.org/hs/manage-preferences/unsubscribe-simple) ![](https://px.ads.linkedin.com/collect/?pid=537250&fmt=gif)