RBI issues draft on IT governance for regulated entities

by IANS |

New Delhi, Oct 21 (IANS) The Reserve Bank of India (RBI) has released a draft master direction on information technology (IT) governance for all regulated entities, which will make it mandatory for them to install a robust IT governance framework and help meet their objectives.

"The key focus areas of IT governance shall include strategic alignment, value delivery, risk management, resource management, performance management and business continuity and disaster recovery management," the RBI said.

The framework will give clarity on the responsibilities of the board of directors and senior management of the entity.

It will also have to include adequate oversight mechanisms to ensure accountability and mitigation of business risks.

As per the guidelines, the regulated entities would have to set up a board level IT strategy committee, which will have a minimum of two directors as members and at least one of them must have substantial expertise in managing and guiding technology initiatives.

This panel will also ensure that the entity sets up an IT strategic planning process.

Also the CEO of the regulated entity will have to form an effective oversight on the plan and execute an IT strategy.

The regulated entities have to institute an IT steering committee, with an objective of assisting the board, IT strategy committee in IT strategic planning and oversight.

Latest News
One killed in Texas wildfire Thu, Feb 29, 2024, 04:46 PM
Cabinet approves royalty rates for 12 critical minerals Thu, Feb 29, 2024, 04:45 PM
UP to have fire stations at tehsil level: Yogi Thu, Feb 29, 2024, 04:44 PM
India's leopard population rises to 13,874: report Thu, Feb 29, 2024, 04:43 PM
4.9-magnitude quake jolts Japan Thu, Feb 29, 2024, 04:23 PM
Cabinet approves chip fab plant by Tata Group & Taiwan's PSMC in Gujarat Thu, Feb 29, 2024, 04:16 PM
Pro-Pak slogan case: Seven interrogated & statements recorded, says Ktaka CM Thu, Feb 29, 2024, 04:15 PM
SC reverses 2018 ruling regarding automatic vacation of stay orders Thu, Feb 29, 2024, 04:14 PM
Scientists finds more evidence on Covid's effect on cognition, memory Thu, Feb 29, 2024, 04:14 PM
India-Mauritius relationship example of SAGAR goodwill: S. Jaishankar Thu, Feb 29, 2024, 04:11 PM
Sports ministry tells NSFs to issue certificates to athletes only through DigiLocker for greater transparency Thu, Feb 29, 2024, 03:59 PM
KL Rahul ruled out of Dharamshala Test; Bumrah returns: BCCI Thu, Feb 29, 2024, 03:55 PM
India received Rs 2.5 lakh crore worth investment proposals in chip sector: Centre Thu, Feb 29, 2024, 03:48 PM
With Rs 50,000 crore investment, UP's real estate sector set for a boom Thu, Feb 29, 2024, 03:46 PM
2010 Silda camp attack: 10 convicted Maoists sentenced to life imprisonment Thu, Feb 29, 2024, 03:46 PM