IT Governance and Risk Management

In the ever-evolving spheres of finance and data protection in India the Reserve Bank of India's (“RBI”) Master Direction – Information Technology Governance, Risk, Controls, and Assurance Practices dated November 7, 2023— has set the stage for transformative changes. This article navigates through the regulatory landscape to showcase how our Generic Onboarding Platform (“GO”) aligns with guidelines laid out under the RBI.

The RBI has rolled out the Master Direction – Information Technology Governance, Risk, Controls and Assurance Practices to incorporate, consolidate, and update the guidelines, instructions, and circulars on IT Governance, Risk, Controls, Assurance Practices, and Business Continuity/ Disaster Recovery Management. 

As the RBI directive takes center stage, our analysis delves into the critical elements of IT governance, risk management, and controls outlined by the central bank i.e. RBI. From the strategic role of boards to the meticulous oversight mechanisms required for mitigating IT and cyber risks, we unveil how our Generic Onboarding Platform seamlessly integrates compliance measures into the fabric of financial technology.

Signzy’s No Code Platform takes pride in its steadfast commitment to regulatory compliance, aligning seamlessly with the stipulations outlined in the RBI’s Direction.

Our product has been meticulously designed and developed to adhere to the comprehensive guidelines in these regulatory frameworks, ensuring that organizations can confidently navigate the complex landscape of information technology governance, risk management, and controls. At Signzy, we understand the critical importance of maintaining the highest standards of security, privacy, and transparency, and our commitment to regulatory alignment reflects our dedication to providing a robust onboarding solution that not only meets but exceeds industry standards.

Below are details of the features of the No Code Platform, which help in compliance with requisite provisions of RBI’s Master Direction.

Every IT application that can access or affect critical/ sensitive information has to have audit trails/ logging capability

The audit trails have to satisfy a RE’s business requirements apart from regulatory and legal requirements. The audit trails must be detailed enough to facilitate the conduct of the audit, serve as forensic evidence when required, and assist in dispute resolution, including for non-repudiation purposes.

Personnel with elevated system access entitlements have to be closely supervised with all their systems activities logged and periodically reviewed. REs have to adopt multi-factor authentication for privileged users.

VA/ PT shall be conducted by appropriately trained and independent information security experts/ auditors.

In the post-implementation (of IT project/ system upgrade, etc.) scenario, the VA/ PT shall be performed in the production environment. Under unavoidable circumstances, if the PT is conducted in the test environment, REs shall ensure that the version and configuration of the test environment resembles the production environment. Any deviation should be documented and approved by the ISC.

Our journey continues to ensure compliance with the standards of these latest guidelines and regulatory requirements. With a detailed examination of the RBI's Direction, we strive to become more capable by improving on where we are lacking and working continuously to meet that goal. Our platform, GO is not just an enabler of regulatory adherence but a proactive contributor to the evolving standards in financial technology.