Transcription of Regulatory Framework Technology Risk
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Regulatory Framework Technology Risk
09 December 2021 MONETARY BOARDCENTRAL BANK OF SRI LANKABANKING ACT DIRECTIONSNo. 16 of 2021 Regulatory Framework on Technology Risk Management and Resiliencefor Licensed BanksIn the exercise of the powers conferred by Sections a6(l) and 76(J)(1) of the Banking Act, No. 30of 1988, as amended, the Monetary Board hereby issues the following Directions on RegulatoryFramework on Technology Risk Management and Resilience for licensedtommercial banks andlicensed specialised banks, hereinafter referred to as licensed banks, with a view to furtherstrengthening the Technology risk managernent and resilience in licensed In terms of Section a6(1) of the Banking Act, in order to ensure thesoundness of the banking system, the Monetary Board is empoweredto issue Directions to all licensed commercial banks, regarding themanner in which any aspect of the business of such bank or banks isto be lnterms of Section 76(J)(1)
Head of Risk Management and Compliance Officer shall be permanent invitees to ISC. Head of Internal Audit shall be invited to present internal audit findings on information security at least on quarterly basis. Participation of any other officers from risk, compliance, or internal audit functions of the bank shall be only on invitation.
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