Recent Developments
The Banking Regulatory and Supervisory Authority
(''BRSA'') prepared the Regulation
on Banks' Information Systems and Electronic Banking Services
("Regulation"). The Regulation was
published in the Official Gazette No. 31069 dated March 15, 2020
and will enter into force on July 1, 2020. The Communiqué on
the Principles to be Considered in Bank Information Systems
Management ("Communiqué") will be
abolished with the Regulation's entry into force.
What's New?
1. RISK MANAGEMENT AND CONTROL MECHANISMS REGARDING INFORMATION
SYSTEMS
As per the Regulation, bank's board of directors is liable
for conducting effective supervision to manage any risks arising
from the use of information systems. Accordingly, the Regulation
sets out that the board of directors must approve and establish a
strategic plan, establish a strategy committee and a guidance
committee related to information systems.
