Hyderabad-based Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India, has signed a memorandum of understanding with ISACA, a worldwide network of professionals working in the area of information security, for joint activities in different aspects of information.
The activities would cover IT governance, information systems audit, information security and information system risk management.
According to IDRBT director B Sambamurthy, information governance is crucial for banks given that decision-making needs to be information-led while ensuring the privacy of customer information.
Under the MoU, the two organisations would create and develop resources that will help the Indian banking and financial sector in understanding and implementing best practices in these areas.
ISACA has nearly 6,000 members in India. It sees information and the technology that supports it as key assets of an organisation, with significant business value to be derived from a proper governance of those assets, international president Ken Vander Wal stated in a release on Monday.