{"id":16812,"date":"2023-11-08T04:57:46","date_gmt":"2023-11-07T23:27:46","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=16812"},"modified":"2025-04-04T23:23:12","modified_gmt":"2025-04-04T17:53:12","slug":"re","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/re\/","title":{"rendered":"New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs)"},"content":{"rendered":"<h2>What are the new guidelines on Information Technology (IT) Governance for Regulated Entities (REs)?<\/h2>\n<ul>\n<li>The REs have been\u00a0mandated to put in place a robust IT governance framework to cover focus areas like strategic alignment, risk and resource management performance, and Business Continuity\/Disaster Recovery Management.<\/li>\n<li>This\u00a0framework should specify the governance structure and processes\u00a0necessary to meet the RE\u2019s business\/strategic\u00a0objectives.<\/li>\n<li>The framework will\u00a0specify the roles (including authority) and\u00a0responsibilities of the Board of Directors, board-level Committee,\u00a0and Senior Management.\u00a0<\/li>\n<li>It will also address the issue of\u00a0adequate oversight mechanisms to ensure accountability and\u00a0mitigation of IT and cyber\/information security risks.<\/li>\n<li>The\u00a0enterprise-wide risk management policy or operational risk management policy\u00a0will incorporate\u00a0periodic assessments of IT-related risks (both inherent and potential risks).<\/li>\n<li>The\u00a0board of RE would approve\u00a0the strategies and policies related to IT, Information Assets, Business Continuity,\u00a0Information Security, and Cyber Security (including Incident Response and Recovery Management\/Cyber Crisis Management).\u00a0They\u00a0should review such strategies and policies at least annually.<\/li>\n<li>IT strategy committee (ITSC):\n<ul>\n<li>The\u00a0RE will establish a Board-level IT Strategy Committee (ITSC), which will\u00a0comprise a minimum of three directors.<\/li>\n<li>Its chairman would\u00a0be an independent director and carry substantial expertise in managing\/guiding information technology initiatives.<\/li>\n<li>The ITSC\u00a0should meet at least on a quarterly basis.<\/li>\n<li>The committee will\u00a0ensure that the RE has put an effective IT strategic planning process in place and will\u00a0guide in preparation of IT strategy\u00a0and ensure that the\u00a0IT strategy aligns with the\u00a0overall strategy of the RE towards accomplishment of\u00a0its business objectives.<\/li>\n<\/ul>\n<\/li>\n<li>The guidelines mandate\u00a0REs to establish an IT steering committee with\u00a0representation at senior management\u00a0level\u00a0from IT and business functions.\n<ul>\n<li>This committee will\u00a0assist the ITSC in strategic IT planning,\u00a0oversight of IT performance and\u00a0aligning IT activities with business needs, and will oversee the processes put in place for business continuity and\u00a0disaster recovery.<\/li>\n<li>It will also\u00a0ensure implementation of a robust IT architecture meeting statutory and regulatory\u00a0compliance.<\/li>\n<\/ul>\n<\/li>\n<li>Every IT application,\u00a0which can access or affect\u00a0critical or sensitive information,\u00a0shall have necessary audit\u00a0and system logging capability\u00a0and should provide audit trails.\u00a0\n<ul>\n<li>The\u00a0audit trails shall satisfy a RE\u2019s business requirements apart from regulatory and legal requirements.<\/li>\n<li>The\u00a0audit trails must be detailed\u00a0enough\u00a0to facilitate the conduct of audit,\u00a0serve as forensic evidence\u00a0when required and assist in dispute resolution,\u00a0including for non-repudiation purposes.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What are audit trails?<\/h3>\n<p>An audit trail is a date and time-stamped record of the history and details around a transaction, work event, product development step, control execution, or financial ledger entry. Almost any type of work activity or process can be captured in an audit trail, whether automated or manual. Different fields will have audit trails that exist in a variety of forms to capture their unique areas of focus, but the overarching theme and purpose of the audit trail is to track a sequence of events and actions in chronological order.\u00a0<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.financialexpress.com\/business\/industry-new-it-regime-for-regulated-entities-from-april-1-rbi-3300209\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>New IT regime for regulated entities from April 1: RBI<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New guidelines on Information Technology (IT) Governance were released by the RBIfor regulated entities (REs) like banks, non-bank financial companies, credit information companies and other financial entities. <\/p>\n","protected":false},"author":5,"featured_media":16813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-16812","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/16812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=16812"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/16812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/16813"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=16812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=16812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=16812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}