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Nine Belarusian banks in for IT audit

Economy 03.12.2019 | 14:40

MINSK, 3 December (BelTA) – An IT audit will be arranged in nine Belarusian banks, BelTA learned from Yelena Mashnina, Head of the Central Office for Banking Oversight, during a seminar held on 3 December to discuss risk management in financial organizations in Belarus.

The official said: “Together with audit companies the National Bank of the Republic of Belarus (NBRB) has prepared technical specifications for arranging an IT audit. The mandatory procedure will apply to only seven top banks. Apart from that, one bank has opted for a voluntary IT audit. We've also requested an independent IT audit of yet another bank. Respectively we look forward to hearing from nine banks.”

The IT audit will include several stages: analysis of the current state of information technologies, a high-level analysis of the information security system and cyberstability, an evaluation of capabilities and maturity of IT processes.

The reports, a conclusion to briefly describe the current situation, and the main recommendations together with expected effects are supposed to be submitted to the central bank by 1 October 2020. Information about results of the IT audit, including measures implemented later on and the action plans developed to implement recommendations of the audit companies, has to be submitted to the central bank by 1 December 2020.

The central bank will carefully review the information. It will be used to develop guidelines for the entire banking industry. “We expect the information from the IT audit will allow us to compile a regulatory document that will improve the management of operating risks of Belarusian banks, primarily those concerning IT systems,” Yelena Mashnina specified.

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