The Reserve Bank of India (RBI) has issued guidelines for regulated entities (REs), including banks and finance companies, pertaining to Information Technology (IT). Effective April 1, 2024, REs are required to implement a robust IT Governance Framework, addressing areas such as strategic alignment, risk management, and business continuity. The framework will outline the governance structure, roles, and responsibilities of the Board of Directors, board-level Committees, and Senior Management. It emphasizes oversight mechanisms to ensure accountability and mitigate IT and cyber/information security risks. The enterprise-wide risk management policy will include periodic assessments of IT-related risks, and REs will establish a Board-level IT Strategy Committee.
RBI Mandates New IT Governance Framework for Regulated Entities Starting April 2024
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