A Regulatory Mandate for Technology Risk Management

The Bank Negara Risk Management in Technology (RMiT) policy document outlines the essential requirements for financial institutions in Malaysia regarding the management of technology risks. It covers critical aspects such as governance, risk management, technology operations, cybersecurity, audits, and the internal training necessary to maintain a secure and compliant technological environment. RMiT includes regulatory processes related to technology-related applications, cloud services, and a thorough analysis of potential security loopholes. Financial institutions must adhere to these guidelines to ensure robust risk management practices, safeguarding both their operations and the broader financial ecosystem.

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Meet RMiT Compliance Requirements with ARCON

The Bank Negara Policy Document RMiT, issued by Bank Negara Malaysia (Central Bank of Malaysia), outlines the requirements for financial institutions regarding the management of technology risk. It covers various aspects such as governance, technology risk management, technology operations management, cybersecurity management, technology audit, internal awareness, and training. ARCON | Privileged Access Management (PAM) solution helps financial sector of Malaysia to comply with the mandate S–10.52: to S–10.60: Access Control by implementing robust features such as – continuous monitoring of digital identities, randomization of passwords, applying MFA, real-time threat detection and alerts etc.

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