Joint Standard 1 of 2023

IT Governance and Risk Management: How IPT Can Help Financial Institutions comply to Joint Standard 1 of 2023

November 21, 2024

The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) recently introduced Joint Standard 1 of 2023: IT Governance and Risk Management for Financial Institutions, which sets out the principles for IT governance and risk management that financial institutions must comply with.  This new standard highlights the importance of strong IT governance and risk management practices to ensure the stability and security of the financial system.

Key Requirements of Joint Standard 1 of 2023

Joint Standard 1 of 2023 outlines several key requirements that financial institutions must adhere to, including:

  • Establishing a Robust IT Governance Framework: This involves creating a governance structure with clear roles and responsibilities for overseeing IT activities, ensuring alignment with the institution’s overall business objectives.
  • Implementing Effective Risk Management Practices: This includes identifying, assessing, and mitigating IT risks, such as cyber threats, operational failures, and data breaches.
  • Ensuring Adequate IT Security Measures: This involves implementing strong security controls to protect sensitive information, including data encryption, access controls, and regular security assessments.
  • Maintaining Business Continuity and Disaster Recovery Capabilities: This involves developing and testing plans to ensure business continuity in the event of disruptions or disasters.
  • Complying with Data Protection Regulations: This involves adhering to data protection laws and regulations, such as the Protection of Personal Information Act (POPIA), to safeguard personal information. 

How IPT Can Help

As a leading Managed Service Provider (MSP), IPT is uniquely positioned to assist financial institutions in meeting the requirements of Joint Standard 1 of 2023.  Our comprehensive suite of services can help you:

  • IT Governance and Risk Management Consulting: Our experienced consultants can help you develop and implement a robust IT governance framework, conduct risk assessments, and establish effective risk management processes.
  • Cybersecurity Services: Our cybersecurity experts can help you protect your IT infrastructure from cyber threats through advanced security solutions, such as firewall protection, intrusion detection and prevention systems, and endpoint security.
  • Business Continuity and Disaster Recovery Planning: We can help you develop and test comprehensive business continuity and disaster recovery plans to ensure business continuity in the event of disruptions.
  • Data Protection and Privacy Compliance: Our experts can help you comply with data protection regulations, such as POPIA, by implementing appropriate data protection measures and conducting regular data privacy audits.
  • Managed IT Services: Our managed IT services can help you reduce IT costs and improve operational efficiency by providing comprehensive IT support, including network management, server management, and help desk support. 

By partnering with IPT, financial institutions can ensure that they are well-prepared to meet the requirements of Joint Standard 1 of 2023 and protect their IT infrastructure from emerging threats.

Conclusion

Joint Standard 1 of 2023 marks a significant step forward in strengthening the IT governance and risk management practices of financial institutions in South Africa. By partnering with an experienced MSP like IPT, financial institutions can effectively navigate the complexities of this new standard and ensure the security and resilience of their IT systems.

Posted in Cybersecurity, IT Infrastructure