Regulatory Alerts2007-09-19 | CD-SIBOIF-500-1-SEP19-2007Added · Updated
Norm on Technology Risk Management
The Board of Directors of the Superintendence of Banks and Other Financial Institutions establishes minimum prudential criteria for the identification, measurement, limitation, control, and reporting of technology risks by supervised financial institutions. The regulation mandates that institutions implement specific governance structures, including Board and senior management responsibilities, organizational segregation of duties, and formal IT planning and project management procedures. It further requires strict controls over the acquisition, development, and implementation of IT systems, as well as comprehensive administration of software, databases, hardware, and operations to ensure reliability, confidentiality, and availability of information.
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