A new guide from ISACA can help banks in India comply with the Reserve Bank of India (RBI) guidelines and more effectively govern their information and technology by using the COBIT 5 framework. RBI guidelines mapping with COBIT 5 is available as a free download from ISACA’s Knowledge Center at www.isaca.org/topic-india.
The book outlines action items from the RBI Guidelines on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds; identifies the COBIT 5 enablers that support these action items; and recommends processes; practices and activities that enterprises should undertake to deliver on the action items.
The RBI Guidelines were issued by a working group that formed in 2010 to recommend related measures.
“The RBI working group that developed the guidelines noted that well-known frameworks such as COBIT can help provide a standardized set of terms and definitions so that all stakeholders are speaking a common language, and can offer a holistic, integrated and enterprise wide, process-oriented approach,” said Vittal Raj, CISA, CISM, CGEIT, CRISC, FCA, CIA, CISSP, CFE, International Vice President, ISACA. “This publication allows banks in India to achieve compliance with the RBI guidelines in a structured and systematic manner, leveraging on the relevant and usable COBIT 5 framework that is specific to their needs and priorities, and allows them to deliver on their goals.”
COBIT is a framework for effective governance and management of information and technology. It was first launched in 1996 and is now in version 5. COBIT helps enterprises optimize their resources to deliver value through IT.
ISACA is a global body of more than 110,000 constituents worldwide. It has 10 chapters and over 7,000 members in India, many of whom work in the banking and financial services sector. ISACA created the India Task Force in 2009 to better serve its members in India and to educate a wider audience about good practices related to information systems governance, audit, security and risk management.
In 2011, ISACA and the RBI’s Institute for Development & Research in Banking Technology (IDRBT) signed a memorandum of understanding acknowledging the organizations’ joint efforts to promote IT governance, security and risk management in the Indian banking industry.
“ISACA and the RBI aim to increase awareness and acceptance of IT governance as a critical component of corporate governance in the banking, financial services and insurance sector in India,” said Tony Hayes, CGEIT, FCPA, FACS, FIIA, International President, ISACA. “We hope to create a large pool of informed banking professionals who can use information and technology effectively to protect and grow the banking business. And we are looking to enhance bank professionals’ careers by familiarizing them with IT and facilitating the path to attaining valuable certification.”