Jaipur, May 01, 2024.
The Reserve Bank of India has updated its “guidance note” on operational risk management for the financial sector, and also extended it to the non-banking financial companies (NBFCs), including housing finance companies.
The 2005 ‘Guidance Note on Management of Operational Risk’ covered only commercial banks.
The RBI said all regulated entities (REs) in India should implement a robust information and communication technology (ICT) risk management programme in alignment with their operational risk management framework.
“REs should manage their dependencies on relationships, including those of, but not limited to, third parties (which include intragroup entities), for the delivery of critical operations,” the Reserve Bank said in its guidance note.
All regulated entities in India should implement a robust information and communication technology (ICT) risk management programme in alignment with their operational risk management framework, the central bank said.