Commencement date of Joint Standard on IT Governance and Risk Management
Joint Standard 1 of 2023 on Information Technology Governance and Risk Management aims to ensure that financial institutions implement sound practices to reduce IT related disruptions and breaches and applies to discretionary FSPs and administrative FSPs, among others.
These financial institutions are urged to prepare and put the necessary measures in place for compliance with the Joint Standard, which will commence on 15 November 2024. FSPs are advised to take early steps to assess their readiness for implementation to avoid non-compliance.
Masthead’s new service is here to assist you
Our IT Risk Management and Cybersecurity Implementation Service helps FSPs adopt the new requirements of Joint Standard 1 of 2023 on IT Governance and Risk Management and Joint Standard 2 of 2024 on Cybersecurity and Cyber Resilience. Our Compliance Officers will guide you through these requirements and help implement the necessary framework and policies to ensure compliance. Contact us or your closest regional office today to learn more.
FICA Risk and Compliance Return
A reminder that the FIC issued Directives 6 and 7, requiring specified accountable institutions to submit a Risk and Compliance Return (RCR) to the Centre by 31 May 2023 and 31 July 2023 respectively. Earlier this year, the FIC reported a disappointingly low RCR submission rate and have been issuing notices of intention to sanction for non-compliance with the Directives.
The respective platforms for submission of the RCR remains open. Accountable institutions that have not yet submitted the RCR are urged to do so.
Do you need help to complete your RCR?
Masthead has been helping businesses implement and comply with FICA requirements since 2004. We can provide you with hands-on assistance, work through the return with you, give insight into the questions and guide you in completing your return. Get in touch with us for more information and assistance or contact your nearest Masthead Regional Office.