According to the CRISC Review Manual (Digital Version), a contract associated with a cloud service provider must include ownership of responsibilities, as this defines the roles and obligations of both the cloudprovider and the customer in relation to the cloud services. The contract should specify who is responsible for:
Service delivery and performance
Data security and privacy
Compliance with regulations and standards
Incident management and reporting
Business continuity and disaster recovery
Change management and configuration control
Intellectual property rights and licensing
Termination and data egress
The contract should also include service level agreements (SLAs) that measure and monitor the quality and availability of the cloud services, as well as remedies and penalties for non-compliance. The contract should also address pricing and payment terms, dispute resolution mechanisms, and liability and indemnification clauses.
References = CRISC Review Manual (Digital Version), Chapter 3: IT Risk Response, Section 3.3: Risk Response Options, pp. 173-1741
