Regulatory Alerts2018-11-13
Bank of Israel Circular C-06-2581: Amendments to Proper Conduct of Banking Business Directive No. 301
The Bank of Israel amended Proper Conduct of Banking Business Directive No. 301 to require banking corporations and credit card companies to establish an Information Technology and Technological Innovation Committee. This new committee must include at least one member with proven IT expertise and is tasked with overseeing IT strategy, cyber security, technological risk management, and innovation alignment with business goals. The regulation also introduces a maximum term limit for committee chairpersons to ensure fresh perspectives, with specific compliance deadlines set for credit card companies and IT expertise requirements.
Share