The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has issued a Discussion Paper on IT risk management.
The Paper details the initiatives the Authority is taking to improve its supervisory and regulatory regime in terms of IT risk management.
The Authority are introducing comprehensive and holistic IT Risk Management Guidance that consolidates best practices across various IT domains, including guidance for the adoption of algorithm-driven and decentralised infrastructure solutions.
They are also reviewing existing rules relating to IT risk management to incorporate requirements that will strengthen firms’ practices.
In addition, they are requiring firms to report material IT incidents to the Authority in a standardised format within a prescribed timeframe.
Finally, they are making regulatory technologies or RegTech available to firms to navigate the Authority’s rules and guidance relating to IT risk management.
The Authority has issued regulations and rules on IT risk management and controls for specific IT domains or regulated activities that rely heavily on IT. These regulations and rules underline the standards required of authorised firms in maintaining a robust and resilient IT environment as a central part of their business activities.
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