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BSP sets up core supervision unit for IT banking services |
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by LEE C. CHIPONGIAN
The Manila Bulletin 07/15/2005 To strengthen the central bank monitoring of Internet banking as an IT-related service, the Monetary Board of the Bangko Sentral ng Pilipinas has approved the establishment of an IT supervision unit to help banks and non-bank institutions align their IT policies with international practices. "The unit will provide a baseline minimum standards through the issuance of IT risk polices (including) the management of IT risk, which is an operational risk under Basel II," BSP Governor Amando M. Tetangco Jr. said yesterday. The BSP Core Information Technology Supervision Unit or CITSU, of the Supervision and Examination Sector, will regularly conduct IT examination of banks and other payment entities. Tetangco said the CITSU would review requests from banks to offer services that involve the use of electronic channels via the Internet. Specifically these are overseas or domestic wire transfers of funds, payment of bills and other online transactions offered to retail and wholesale customers. The unit will assess the adequacy of controls adopted relative to these activities to forestall operational problems such as collapse of the computer system resulting in the disruption of banking services and fraud in internal and external transactions. The CITSU will inspect banks’ technology-related risk management process including the plan for the use of technology, how the technology will be implemented and the measurement and monitoring of the risk-taking activities of the financial institutions. In the meantime, the BSP has also created a data warehouse to centralize banks’ financial and non-financial information submitted to the central bank for a more efficient flow of crucial data for supervision and examination. Phase one of the project involves the design and implementation of the global data model and infrastructure. At the moment banks submit financial and nonfinancial reports to the BSP on a regular basis and they send these information to various central bank departments. With the volume of received data, the BSP has difficulty in sharing information. With the centralized data system, banks would benefit since it will be easier for them to comply with document requirements because they will only be asked to submit reports in one office. In the meantime other regulators or government agencies such as the Philippine Depository Insurance Corp. can gave access to the data warehouse following approval by the MB. |
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