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Sponsorship, Approval, and Evaluation of IT Decisions: A Blueprint for Financial Institutions
In a bid to ensure the effective management of Information Technology (IT) systems within financial institutions in Nigeria, the Central Bank of Nigeria has developed an IT Standards Blueprint. This comprehensive framework provides a roadmap for the implementation and adoption of IT standards across various categories of financial services institutions.
Capability Areas
The IT Standards Blueprint identifies five key capability areas that are critical to the effective management of IT systems within financial institutions:
- Architecture & Information Management
- Solutions Delivery
- Service Management & Operations
- Workforce & Resource Management
- IT Innovation
Each of these capability areas has a set of standards and guidelines that must be adhered to in order to ensure compliance with global best practices.
IT Standards
The Blueprint outlines the IT standards that are applicable to each of the five capability areas, including:
- Strategic IT Alignment: ITIL (Information Technology Infrastructure Library)
- IT Governance: COBIT (Control Objectives for Information and Related Technologies) and ISO 38500
- Architecture & Information Management: TOGAF (The Open Group Architecture Framework) and ISO 20022
- Reporting: eXtensible Business Reporting Language (XBRL) version 2.1
Maturity Levels
The Blueprint defines five maturity levels that financial institutions can achieve, ranging from Level 0 (Non-existent) to Level 5 (Optimized). The target maturity level for each category of financial services institution is outlined in the table below:
| Category | Financial Services Institution | Maturity Level |
|---|---|---|
| One | International Commercial Banks, Commercial Banks and Merchant Banks (more than 18 months in operations), Payments System Providers (Super Licence) - Switching | Level 3 |
| Two | Commercial Banks and Merchant Banks (18 months or less in operations), Payment System Providers (Super Licence) - PSSP, PTSP, Non-bank Merchant Acquiring and Super Agency | Level 2 |
Conclusion
The IT Standards Blueprint is a comprehensive framework that provides financial institutions with the guidance they need to implement and adopt IT standards effectively. By achieving the target maturity levels outlined in the Blueprint, financial institutions can ensure the effective management of their IT systems and stay compliant with global best practices.
Recommendations
Financial institutions are advised to:
- Implement the recommended IT standards and guidelines for each capability area
- Achieve the target maturity levels outlined in the Blueprint
- Continuously monitor and evaluate their IT systems to ensure compliance with global best practices
By following these recommendations, financial institutions can ensure the effective management of their IT systems and maintain a competitive edge in the market.