Background

Technology risk is a significant component of the operational risk facing financial institutions. In this digital era, the increasing use of IT in financial institutions makes it critical for financial services authorities to enhance their skills in conducting IT examinations. The course will include lectures, case studies, and hands-on exercises to train examiners in analyzing technology risks. It’s important to note that the course will not cover all aspects of technology programs but will instead highlight key required aspects.

Objectives

The workshop aims to:

• Provide a basic understanding of how to identify and assess IT and cyber risks that can impact the institution and maintenance of compensating controls.
• Provide concepts and techniques to improve examiners’ ability to assess technology risks in financial institutions.

Course Content

This course will cover:

• i. Common technology landscapes of financial institutions, which includes network topologies, devices, basic IT infrastructure, and outsourced services like cloud services;
• ii. Examination processes and planning tools for collecting information to establish an initial risk profile and to define an effective IT examination scope;
• iii. IT risk assessments, including the ability to review information security programs and IT governance of financial institutions;
• iv. Assessment of the effectiveness of an institution’s operations, security and risk management practices, as well as IT support and delivery practices;
• v. Fundamental concepts of an institution’s audit and independent review activities;
• vi. Evaluation of Business Continuity Management Programs; and
• vii. Developing of examination conclusions.

Target Group

This course targets junior to senior financial institution examiners responsible for conducting IT examinations in financial institutions in MEFMI member countries.

Prerequisites:

• Participants should have actively participated in at least two financial institution examinations within the 12 months before attending this workshop.
• Participants will be required to complete a pre-course assignment about three weeks before the start of the session.