The Committee is responsible for assisting Management with the implementation of IT strategy approved by the Board. The roles and responsibilities of the Committee include:
1. Planning, Budgeting and Monitoring
- The review and approval of the Bank’s IT plan and budget (short and long term).
- The review of IT performance against plans and budgets, and recommend changes, as required.
- The review, prioritization and approval of IT investment initiatives.
- Establishment of a balance in overall IT investment portfolio in terms of risk, return and strategy.
2. Ensuring Operational Excellence
- Providing recommendations to Management on strategies for new technology and systems.
- The review and approval of changes to IT structure, key accountabilities, and practices.
- Ensuring project priorities and success measures are clearly defined, and effectively monitored.
- Conducting a review of exceptions and projects on selected basis.
- Performing service catalogue reviews for continued strategic relevance.
- The review and approval of current and future technology architecture for the Bank.
- Monitoring service levels, improvements and IT service delivery.
- Assessing and improving the Bank’s overall IT competitiveness.
3. IT Risk Assurance
- The review and approval of governance, risk and control framework.
- Monitoring compliance with defined standards and agreed performance metrics.
- Ensuring that vulnerability assessments of new technology are performed.
- Reviewing and ensuring the effectiveness of the IT Risk Management and Security plan.
- Ensuring the effectiveness of disaster recovery plans and review reports on periodic disaster recovery testing.
- Reviewing key IT risk and security issues relevant to the Bank’s IT processes / systems.
- Ensuring that the Bank complies with relevant laws and regulations.