ISACA and IDRBT in MoU

MUMBAI, INDIA: The Institute for Development and Research in Banking Technology (IDRBT), the premier Institute of Banking Technology in India, established by Reserve Bank of India, and ISACA (formerly the Information Systems Audit and Control Association), the international body that promotes and cultivates expertise in the area of Information Systems Control, Audit, Security and Governance, today signed a Memorandum of Understanding (MoU), to carry out joint activities that will benefit the Indian Banking and Financial Sector in the areas of IT Governance, Information Systems Audit, Information Security and Information Systems Risk Management. 

The MoU intends to create and develop resources that will assist stakeholders in understanding and implementing best practices in the above-cited areas. B. Sambamurthy, Director, IDRBT, said that “Information is a key operating and strategic asset for banks. Efficient and effective management of information is a key critical success factor. On one hand, banks have to ensure privacy of customer information. On the other, decision making needs to be information-led. Hence IS GOVERNANCE assumes importance and provides competitive advantage as well. Banks need to adopt international standards and best practices. This MoU helps in disseminating standards, best practices and frameworks.

Governance is a board level responsibility. IT governance is an integral part of enterprise governance. Given this, it is imperative that IS Governance is also a board level responsibility. IS Governance also facilitates Business-IT alignment and this creates better value both for the customers as well as the enterprise. IDRBT has been evangelizing IT governance through various educational and academic activities.”

“ISACA and its nearly 6,000 members in India are committed to helping organizations strengthen their governance of enterprise IT,” said Ken Vander Wal, International President, ISACA. “Information and the technology that supports it are key assets, and proper governance of those assets can add significant business value,” he stressed.