AMF Publishes Guideline on ICT Risk Management
AMF published the guideline on information and communications technology (ICT) risk management. The guideline takes into account developments in ICT risk management and reflects observations made by AMF in the course of its supervisory activities in relation to the financial institutions concerned. The effective date of this guideline is February 27, 2020. With respect to the legal obligation imposed on the institutions to follow sound and prudent management practices, AMF expects each institution to adopt the principles of this guideline by developing strategies, policies, and procedures commensurate with its nature, scale, complexity, and risk profile.
The guideline is intended for authorized insurers, federations of mutual companies, financial services cooperatives, and legal persons belonging to a cooperative group, authorized trust companies, savings companies, and certain other deposit institutions. It describes the expectations of AMF with respect to ICT risk. The ultimate goal of these expectations is to strengthen the financial sector’s resilience in response to the risk of data being lost, leaked, stolen, corrupted, or accessed without authorization. These expectations are intended to ensure the development of appropriate security hygiene through the implementation of measures that will help prevent a major incident and limit its impact.
Each institution is responsible for clearly understanding all its ICT risks and ensuring that they are appropriately considered in light of the institution’s nature, size, complexity, and risk profile. AMF is also responsible for staying current on the best practices in ICT risk management and adopting them to the extent that they meet its needs. The standards or policies adopted by a federation with respect to financial services cooperatives and mutual insurance associations that are members of the federation should be consistent, if not convergent, with the principles of sound and prudent management set down in legislation and clarified in this guideline.
Effective Date: February 27, 2020
Keywords: Americas, Canada, Banking, Insurance, Guideline, ICT, Cyber Risk, Data Protection, AMF
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