Regulatory Alerts2011-06-15
Increased Requirements for Banks in Light of Operational Problems in Easter 2011
The Norwegian Financial Supervisory Authority issued this circular to impose stricter operational and governance requirements on banks following a major payment system failure in April 2011 that affected 140,000 customers. The document mandates that banks identify and document critical ICT components, ensure coordinated emergency preparedness with key suppliers like EDB and Nets, and actively participate in change management processes. Banks are required to submit documentation of these measures and internal audit confirmations to the regulator by December 31, 2011.
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