For information managers, a more practical issue is simply having the capabilities to manage content in the Cloud. This is going to be a greater longer term challenge than the regulatory challenges. Solving this requires you to rethink your strategy around information management and governance on a number of levels. You need to break apart your information governance structure and think about the process for assessing content that you can take to your SharePoint Cloud and content that will remain within the organisation – how is this decided and by who? Once you have defined these policies and processes how can you implement them effectively and consistently?
Governance in a Cloudy World by Mike Ashcroft