Polish Financial Supervision Authority Recommendation D / IT Requirements implementation and oversight.
PFSA Recommendation D / IT Requirements implementation and oversight.
The significance of IT services and information systems in a modern financial institution such as Bank, Insurance Association PTE, TFI and others is indisputable and continues to grow over the years. The position of IT services is mostly the outcome of how the modern financial organizations are dependent on IT tools which support the ongoing implementation of processes. Nowadays, without the automatization of proccesses of information systems the organization could not carry out its core business activity.
The Financial Supervision Commission which serves as the financial sector regulator, sees the enormous impact of IT sector on the organization's functionality. Through the Revised Recommendation D / IT guidelines, the regulator presents to the financial institutions the guidelines on managing risks associated with information systems. The Revised Recommendation / IT guidelines introduced new and significantly changed requirements in the area related to the information processing, giving the institutions just two years for its full implementation.
Before taking any actions that address the requirements of the Financial Supervision Commission, it is important to keep in mind that implementing the Recommendation D:
Based on the KPMG experience, the biggest challenge for the institution will be to ensure the compliance with the following recommendations:
Due to the huge complexity of the recommendation D requirements and the short period of time remaining for its full implementation, the institutions should take immediate actions in this area. The KPMG support will allow you to complete these tasks in a pragmatic, time and cost efficient way.
Potential benefits for the client: