Regulatory Alerts2008-01-07
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Examinations on Controls over Information Technology (IT) Problem and System Change Management
The Hong Kong Monetary Authority issued this circular to address control weaknesses identified during on-site examinations of authorized institutions regarding IT problem and system change management. The regulator highlighted specific inadequacies in reporting, risk assessment, and escalation of IT incidents, as well as poor documentation and access controls for emergency system changes. To mitigate these risks, the document outlines common issues found and recommends adopting good practices such as senior management oversight, dedicated change committees, and automated monitoring systems.
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