IT requirements for Azerbaijani banks will be revised

IT requirements for Azerbaijani banks will be revised Banks’ preparedness for digitalization will be assessed
May 19, 2017 12:46
IT requirements for Azerbaijani banks will be revised

Baku. 19 May. REPORT.AZ/ Today Baku hosts “Risk management workshop” dedicated to management of information technology (IT) risks in financial sector.

Report informs, about 100 representatives of more than 30 public and private institutions operating in Azerbaijan and gained enough respect beyond the country in fields of risk management, information technologies, banking and finance, respected rating agencies, global audit companies attend the workshop held under the auspices of Accountants and Risk Professionals Association (ARPA).

The risk management professionals this time on the dialogue platform will discuss the issues concerning IT risks together with finance and IT experts, exchange ideas on application of best practices and their adjustment to Azerbaijan reality.

Ilgar Hidayatov, the head of department for supervision over payment systems of Financial Market Supervision Authority (FIMSA) told that collection of requirements on IT risks has been sent to banks. The requirements refer to working stations, web-security, warning system, encryption of information channels and etc. Other requirements include application of innovations, conduction of inspections and tests, IT literacy of staff.

It was noted that efficiency-rising digitalization will create necessity for IT architecture. FIMSA will create a task force to study digitalization level of banks and their preparedness for digitalization will be assessed: “Some changes will be introduced in IT regulations. Acceleration of digitalization in the banks will be stimulated. IT requirements applied for the banks will be revised”.

“Regulation of works of non-bank credit institutions is another key issue at present. Works towards development of new legislative basis in this field is underway. The internal requirements for risk management will be developed while matching the regulations with the international experience. Although there isn’t broad legislative basis in the country, there are companies providing payment services and the goal is to regulate their operations”, I.Hidayatov told.

“Law on the authority and other regulations will probably be adopted this year. New requirements, more innovative requirements, new regulations concerning information technologies will be introduced. Expert opinions will be considered while introducing these rules”, FIMSA official told. 

Latest news

Orphus sistemi