IT governance rules: RBI releases draft guidelines for regulated entities

The Reserve Bank of India (RBI) on Thursday released a draft master direction on information technology (IT) governance for all regulated entities, which will mandate them to put in place a robust IT governance framework, consisting of governance structures and processes necessary for them to meet their business objectives.

The framework will specify the role and responsibilities of the board of directors and the senior management of the entity. It will also have to include adequate oversight mechanisms to ensure accountability and mitigation of business risks.

“The key focus areas of IT governance shall include strategic alignment, value delivery, risk