New IT risk regulations for SA financial sector in 2024The Joint Standard puts the onus on the governing bodies of financial institutions to ensure compliance.
Across the world, regulatory bodies are responding to this ever-evolving risk environment. It’s not just about reducing opportunities for bad actors to loot and hold to ransom. Financial services companies, including insurers, have become deeply dependent on third-party software to conduct day-to-day business, creating new vulnerabilities and real threats to business continuity.
“What we are seeing is these types of regulations becoming more detailed and more prescriptive when it comes to an internationally recognised best practice such as software escrow,” says Krige. “It’s important to keep in mind that all regulatory roads are leading to the same destination. In markets such as Singapore and India, there are already regulations that explicitly prescribe software escrow as an essential part of business continuity and IT risk management and governance.
Krige concludes: “Compliance with the new joint standard shows that the South African financial sector is keeping pace with the global resilience movement. Adopting international best practices means reaching important compliance milestones and making sure that business is not set back by penalties from the regulators.”The purpose of Software Escrow - protecting your organisations Business Continuity.
Source: News Formal (newsformal.com)
IT Risk Regulations SA Financial Sector Compliance Joint Standard IT Governance Risk Management Financial Sector Conduct Authority Prudential Authority
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