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Risk Management in Technology RMiT
Bank Negara Malaysia issued the Risk Management in Technology policy document (RMiT) on July 18, 2019, which sets out Bank Negara’s requirements regarding financial institutions’ management of technology risk. The policy came into effect on January 1, 2020, and covered implementing a comprehensive technology risk management framework. The policy applies regardless of whether the financial institution operates the data center themselves or working with an outsourcing partner.
Identify
To begin working towards compliance, it’s important to first figure out what regulations or laws you need to comply with.
Assessments
Start by determining what your organization’s most critical security flaws are.
Implement
Having policies and procedures in place to mitigate risk is crucial for both compliance and safety. Conduct automated and continuous tests to make sure you stay compliant.