What IT control requirements are commonly imposed by Asian financial regulators?
Payments
Asked by Question Bot03/Apr/20131 answer
1 Answer
F
Faisal Khan
Answered 03/Apr/2013
Most central banks / financial regulators don't have a specific document for them to follow with regards to the IT controls, etc. Most banks/FIs have audit systems that ensure that leakages, pilferage, fraud, etc. are all controlled by the IT system they have in place.
From time to time the financial regulator may put out specific notices on how to handle certain IT related tasks, but other than that, there is not mandatory document for them to follow (to the best of my knowledge). As an example, the database must be encrypted, or the customer database can only be stored on banks' premises and not at a 3rd party, etc.
IT is an enabler, they (the bank/FIs) look at the broader and bigger picture of their operations via frameworks like the Basel II framework and now with the upcoming Basel III framework.
Banks and other financial companies are free to choose whatever solutions with respect to IT, they want, as long as they are compliant with the various rules, checks and reporting as required both internally by the Bank and that, as reported to the Central Bank.
From time to time the financial regulator may put out specific notices on how to handle certain IT related tasks, but other than that, there is not mandatory document for them to follow (to the best of my knowledge). As an example, the database must be encrypted, or the customer database can only be stored on banks' premises and not at a 3rd party, etc.
IT is an enabler, they (the bank/FIs) look at the broader and bigger picture of their operations via frameworks like the Basel II framework and now with the upcoming Basel III framework.
Banks and other financial companies are free to choose whatever solutions with respect to IT, they want, as long as they are compliant with the various rules, checks and reporting as required both internally by the Bank and that, as reported to the Central Bank.