BOT published a notification on the regulations on information technology risk of financial institutions and the guidelines on risk management from third-parties. The notification is effective from November 15, 2019. The notification shall apply to commercial banks registered in the country, commercial banks registered in foreign countries, credit foncier companies, and finance companies. The key points in the notification include that domestic systemically important banks (D-SIBs) and financial institutions that have a high level of cyber inherent risk must have a senior executive responsible to manage information technology security of financial institutions (Chief Information Security Officer: CISO). Commercial banks must report significant information technology projects for the year to BOT.
Related Link (in Thai): Notification
Effective Date: November 15, 2019
Keywords: Asia Pacific, Thailand, Banking, Cyber Risk, Governance, Third-party Arrangements, Fintech, D-SIBs, Operational Risk, Systemic Risk, BOT
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