Licensing Authority Emphasizes Importance of Effective Technology Risk Management
The Licensing Authority has highlighted the need for effective technology risk management frameworks in place to ensure the security and stability of its IT resources.
Establishing a Technology Risk Management Framework
According to a recent report, the authority’s TRM framework should be established to manage technology risks in an efficient, effective, and consistent manner. The framework should include:
- Clear roles and responsibilities in managing technology risks
- Identification and prioritization of information system assets
- Identification and assessment of threats
- Implementation and monitoring of appropriate practices and controls
- Periodic update and monitoring of risk assessments
Key Components of Effective Risk Management
The authority has identified the following key components of effective risk management:
Risk Identification
- Identifying and classifying information systems
- Assessing threats to the IT environment
- Considering all sources of threats
- Vigilant monitoring of emerging security risks
Risk Assessment
- Assessing and quantifying risk exposure and impact
- Using a risk-based approach that addresses risks based on probability and impact
- Securing insurance against various risks, including recovery and restitution
Risk Mitigation and Control
- Ongoing application and management of control activities to mitigate identified risks
- Prioritizing threat and vulnerability pairings with high-risk ranking
- Refraining from implementing systems where threats to safety and soundness are insurmountable
Risk Monitoring and Reporting
- Maintaining an inventory of risks and controls
- Updating the risk register periodically
- Instituting a monitoring and review process for continuous assessment and treatment of risks
- Regular reporting of significant risks and associated status of risk mitigation activities
Training and Awareness
The Licensing Authority emphasizes that all new and existing staff should receive training on technology risk management to ensure that they are aware of:
- Applicable laws, regulations, and guidelines pertaining to the usage, deployment, and access to IT resources
- The importance of using IT resources in a manner that complies with relevant laws and regulations, and minimizing potential security risks
Annual Review of Training Program
The authority also emphasizes the need for an annual review of its training program to ensure that it remains current and relevant. The review should take into consideration:
- The evolving nature of technology
- Emerging risks
Reporting of Security Incidents
In addition, the authority stresses the importance of reporting security incidents in a timely manner to the Board. This is essential to:
- Identify potential threats and address them promptly
- Minimize the impact on the organization’s operations
By implementing effective technology risk management frameworks, the Licensing Authority aims to ensure the security and stability of its IT resources, and minimize the impact of potential threats on its operations.