European Banking Authority Draft Guidance On Information And Communication Technology Risk

On October 6, 2016, the European Banking Authority launched a consultation on the proposed Guidelines for the assessment of Information and Communication Technology risk under the Supervisory Review and Evaluation Process. The increasing complexity of ICT risk in the banking industry and the increasing potential adverse prudential impact such risks pose to individual firms and on the sector as a whole has led the EBA to propose the Guidelines. The purpose of the proposed Guidelines is to promote common procedures and methodologies for regulators throughout the EU when they are conducting supervisory assessments of a firm's governance and strategy on ICT and a firm's exposures and controls, as required by the Capital Requirements Directive. National regulators should apply the Guidelines to their assessment of firms proportionately, as set out in the EBA SREP guidelines. The proposed Guidelines should be read alongside the EBA SREP Guidelines. Responses to the