Technology risk management requirements for strengthening system, network and infrastructure security have been drawing the attention of the regulators worldwide. The focus involves stating requirements for a high level of robustness and integrity of all critical IT infrastructure and systems, also specifying the requirement for financial institutions to implement IT controls to protect customer information.
Recently presented by MAS the updated Internet Banking and Technology Risk Management Guidelines (IBTRM) will be applied to all financial institutions, unlike the current IBTRM guidelines which focus primarily on the banking sector. Additionally, MAS has proposed to define and enforce a set of mandatory IT requirements for the financial industry. Establishment of a sound and robust risk management framework of policies and control systems in business operations is the responsibility of senior management.
Companies delivering products over electronic communication methods are expected to:
In Financial Service Industry, words” Risk Management” often triggers immediate association with “Trading Controls” relying on automated applications. To ensure that systems operate as intended, we review and design adequacy of risk management practices, internal control systems and processes by designing and implementing a practical Risk Framework suitable for your organization.
IT Risk Management is the front line to Business Risk Management solving specific objectives:
Our Risk Management Framework ensures that all risk management functions are taking required steps to:
By analyzing risk-relevant information provided by management systems we measure an organization's resilience to threats to the confidentiality, integrity and availability of information.
In our iterative approach, we start calculations from the historical data that are already collected.
First step is to holistically review what are the
Next step is to
Final Step is to
A well designed Technology Risk Management Framework is an essential part of achieving a daunting target regulatory compliance:
Our approach is based on recursive risk assessment; we use our proprietary data analysis tools and open source solutions to make achievable enterprise risk optimization.