China boardroom update - Issue 06, May 2009
On 3 March 2009, the China Banking Regulatory Commission (CBRC) published a new "Commercial Bank Information Technology Risk Management Guidance" (New Guidance). The CBRC announced that the New Guidance is effective from its date of publication. The new guidance replaces the original "Banking Financial Service Organisations Information System Risk Management Guidance" (Old Guidance), issued in November 2006. The New Guidance sets out more stringent requirements for banking information technology planning and risk management, and represents a significant challenge for senior management and staff of the banks to implement effectively. Given that the New Guidance has taken immediate effect, banks should take prompt action to ensure compliance.