ITIL process management to mitigate operations 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 applications on everyday basis to remain consistent with change in economy and business activity. This helps to work with latest information included in information system available in current economic and business scenario. This enables information systems and empowers work force to complete tasks in rapidly changing flow of monetary resources. With several employees in Banking and Financial Services Corporations using cloud infrastructure and reporting incidents arising in using 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 IT governance & compliance framework and reduce risk of failure while performing changes in cloud infrastructure. With incident management and change management processes are aligned to keep cloud infrastructure available and secure, they become integral part of IT operations everyday activity. To make ITIL processes efficient, further organization specific policies are developed. With global standards and organization level controls in place, there are failures in IT incident and change management processes and implementation. 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.