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Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI):
- It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions.
- It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the New Guidelines on Info...
The Reserve Bank of India (RBI) recently released final guidelines on information technology (IT) governance for regulated entities (REs) like banks, non-bank financial companies, credit information companies and other financial entities.
What are the new guidelines on Information Technology (IT) Governance for Regulated Entities (REs)?
- The REs have been mandated 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.
- This framework should specify the governance structure and processes necessary to meet the RE’s business/strategic objectives.
- The framework will specify the roles (including authority) and responsibilities of the Board of Directors, board-level Committee, and Senior Management.
- It will also address the issue of adequate oversight mechanisms to ensure accountability and mitigation of IT and cyber/information security risks.
- The enterprise-wide risk management policy or operational risk management policy will incorporate periodic assessments of IT-related risks (both inherent and potential risks).
- The board of RE would approve the strategies and policies related to IT, Information Assets, Business Continuity, Information Security, and Cyber Security (including Incident Response and Recovery Management/Cyber Crisis Management). Theyshould review such strategies and policies at least annually.
- IT strategy committee (ITSC):
- The RE will establish a Board-level IT Strategy Committee (ITSC), which will comprise a minimum of three directors.
- Its chairman would be an independent director and carry substantial expertise in managing/guiding information technology initiatives.
- The ITSC should meet at least on a quarterly basis.
- The committee will ensure that the RE has put an effective IT strategic planning process in place and will guide in preparation of IT strategy and ensure that the IT strategy aligns with the overall strategy of the RE towards accomplishment of its business objectives.
- The guidelines mandate REs to establish an IT steering committee with representation at senior management level from IT and business functions.
- This committee will assist the ITSC in strategic IT planning, oversight of IT performance and aligning IT activities with business needs, and will oversee the processes put in place for business continuity and disaster recovery.
- It will also ensure the implementation of a robust IT architecture meeting statutory and regulatory compliance.
- Every IT application, which can access or affect critical or sensitive information, shall have necessary audit and system logging capability and should provide audit trails.
- The audit trails shall satisfy a RE’s business requirements apart from regulatory and legal requirements.
- The audit trails must be detailed enough to facilitate the conduct of audit, serve as forensic evidence when required and assist in dispute resolution, including for non-repudiation purposes.
Hence both statements are correct.
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Consider the following statements regarding the New Guidelines on Info...
Introduction:
The Reserve Bank of India (RBI) recently released new guidelines on Information Technology (IT) Governance for Regulated Entities (REs). These guidelines aim to strengthen the IT infrastructure and security of REs by setting certain requirements and standards. Let's analyze the given statements in detail:
Statement 1: It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions.
The first statement is correct. As per the new guidelines, REs are required to establish an IT steering committee. This committee should have representation from senior management levels of both IT and business functions. The purpose of this committee is to oversee and guide the IT governance framework of the organization. It ensures that IT strategy aligns with business objectives and that IT risks are effectively managed.
Statement 2: It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.
The second statement is also correct. The new guidelines state that every IT application, which has the capability to access or impact critical or sensitive information, should undergo necessary audit. This is to ensure that proper security measures are in place to protect the confidentiality, integrity, and availability of such information. The audit helps to identify any vulnerabilities or weaknesses in the IT systems and allows for timely remediation.
Conclusion:
In conclusion, both statements are correct. The new guidelines on IT governance for REs released by the RBI mandate the establishment of an IT steering committee at senior management level and require audits for IT applications that can access or affect critical or sensitive information. These guidelines aim to enhance the IT infrastructure and security of regulated entities in India.
The Reserve Bank of India (RBI) recently released new guidelines on Information Technology (IT) Governance for Regulated Entities (REs). These guidelines aim to strengthen the IT infrastructure and security of REs by setting certain requirements and standards. Let's analyze the given statements in detail:
Statement 1: It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions.
The first statement is correct. As per the new guidelines, REs are required to establish an IT steering committee. This committee should have representation from senior management levels of both IT and business functions. The purpose of this committee is to oversee and guide the IT governance framework of the organization. It ensures that IT strategy aligns with business objectives and that IT risks are effectively managed.
Statement 2: It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.
The second statement is also correct. The new guidelines state that every IT application, which has the capability to access or impact critical or sensitive information, should undergo necessary audit. This is to ensure that proper security measures are in place to protect the confidentiality, integrity, and availability of such information. The audit helps to identify any vulnerabilities or weaknesses in the IT systems and allows for timely remediation.
Conclusion:
In conclusion, both statements are correct. The new guidelines on IT governance for REs released by the RBI mandate the establishment of an IT steering committee at senior management level and require audits for IT applications that can access or affect critical or sensitive information. These guidelines aim to enhance the IT infrastructure and security of regulated entities in India.
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Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the New Guidelines on Information Technology (IT) Governance for Regulated Entities (REs) recently released by the Reserve Bank of India (RBI): It mandates REs to establish an IT steering committee with representation at the senior management level from IT and business functions. It provides that every IT application, which can access or affect critical or sensitive information, shall have necessary audit.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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