Regulatory Alerts2003-06-24
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General Principles for Technology Risk Management
The Hong Kong Monetary Authority issues this non-statutory guideline to establish general principles for Authorized Institutions to manage technology-related risks. The document mandates the implementation of a fit-for-purpose framework encompassing IT governance, security management, system development, and the oversight of technology service providers. It requires senior management and the Board to ensure adequate IT controls, staff competence, and independent audits to mitigate strategic, operational, and reputational risks.
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