ICT Risk Governance refers to the comprehensive framework of policies, processes, and structures an organization establishes to identify, assess, monitor, and mitigate risks related to its information and communication technology systems. It ensures that technology risks are managed effectively and align with business objectives. This governance is crucial for maintaining operational integrity.
Context
Effective ICT Risk Governance is increasingly vital for financial institutions and digital asset service providers due given their heavy reliance on complex technological infrastructures. It addresses threats such as cyberattacks, data breaches, and system failures that could disrupt operations or compromise client assets. Regulators are placing greater emphasis on robust governance frameworks to ensure the resilience and stability of the digital financial ecosystem.
Financial entities must immediately update third-party risk management frameworks to comply with DORA's heightened oversight for designated critical ICT providers.
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