“The Shared Cloud Lexicon and Taxonomy (Lexicon) was created in response to the 2023 US Treasury cloud report, Adoption of Cloud Services in the Financial Sector. The Treasury report noted a lack of common definition for terms related to cloud services and technology, critical services, and terms associated with contract negotiation and service level agreements. The report suggested that a shared lexicon and taxonomy, reflecting feedback from financial sector stakeholders, such as the cloud service providers, financial institutions, and regulators, would improve sector communications and the ability to identify critical service dependencies and sector risk. A representative group of the Financial and Banking Information Infrastructure Committee (FBIIC) member federal agencies (the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Federal Housing Finance Agency and the Securities and Exchange Commission) provided input to US Treasury on development of the Lexicon, which contains terms and definitions from various industry standards and governmental resources. The group then vetted the content with industry stakeholders. The Lexicon is intended to be beneficial to public and private sector collaboration and communication on cloud-related matters and arrangements. The Lexicon will inform financial sector collaboration and may serve as a shared foundational reference for regulatory agencies, financial institutions, and private sector organizations. The Lexicon includes common risk management and technical terminology with a focus on terms that are often used inconsistently or that have a specific meaning in the context of cloud relationships and services. As cloud computing evolves, as needed, the Lexicon terms and definitions will be updated.”