ITIL Processes to Control Operational Risk in Cloud Architecture Infrastructure for Banking and Financial Services Industry

Banking and Financial Services Corporations need to update information systems with logic and data of various application on everyday basis. This helps to work with latest information available in current economic and business scenario. With several employees in banking and financial services using cloud infrastructure and reporting incidents arising in accessing cloud infrastructure, it is of prime importance to fix incidents reported within specific timelines. IT change management process is followed in order to adhere to COBIT framework and reduce risk of failure while performing changes in cloud infrastructure. With incident ITIL processes aligned to keep cloud infrastructure available and secure, they become integral part of IT operations everyday activity. In this paper, we have identified the risk arising due to incident management and change management processes that lead to emergency changes being implemented on cloud infrastructure architecture and discussed the steps to mitigate risks to bring greater responsibility and accountability for cloud services providers.