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The Reserve Bank of India (RBI) has released a Draft Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices for public consultation. This draft consolidates and updates existing guidelines related to IT governance, business continuity management, and information systems audit, as previously announced in the Statement on Developmental and Regulatory Policies along with the bi-monthly Monetary Policy Statement dated February 10, 2022.
Regulated Entities (REs) and other stakeholders are invited to provide comments or feedback via email by November 20, 2022, using the subject line ‘Feedback on Master Direction - Information Technology Governance, Risk, Controls and Assurance Practices’. The final Master Direction will be issued by RBI after reviewing the feedback received.
This initiative is aimed at strengthening IT governance and risk management frameworks across financial institutions, ensuring robust controls and assurance practices.
[RBI]