We are excited to announce that Horangi Warden now supports the Bank Negara Malaysia Risk Management in Technology (BNM RMiT) year 2023 compliance standard, enhancing your organization's ability to navigate the security and compliance landscape. This comprehensive compliance standard is fully supported across all major cloud service providers, including AWS, Azure, GCP, Alibaba, and Huawei Cloud.
What is BNM RMiT?
The BNM RMiT Policy Document, originally issued by Bank Negara Malaysia in June 2020, outlines the requirements for managing technology risk for various financial institutions, including:
- Licensed banks
- Licensed investment banks
- Licensed Islamic banks
- Licensed insurers, including professional reinsurers
- Licensed takaful operators, including professional retakaful operators
- Prescribed development financial institutions
- Approved issuers of electronic money
- Operators of designated payment systems
In June 2023, an updated version of the policy document was released, incorporating key enhancements:
- Strengthened Cloud Risk Management: Additional guidance has been provided to bolster the cloud risk management capabilities of financial institutions, as detailed in paragraphs 10.50 and Appendix 10 of the policy document.
- Risk-Based Approach: A shift towards a risk-based approach has been introduced in the cloud consultation and notification process, in alignment with paragraph 15 of the document. Corresponding updates have been made to the risk assessment and submission requirements.
- Updated Cross-References: The document now includes updated cross-references, with the multi-factor authentication (MFA) security control denoted as a standard requirement.
- FAQ Revision: The Frequently Asked Questions (FAQ) document has been revised to facilitate the implementation of the revised policy requirements.
Appendix 10 (CTRAG)
Appendix 10, previously issued as the Cloud Technology Risk Assessment Guideline (CTRAG) Exposure Draft, provides detailed insights into key risks and control measures associated with the adoption of cloud services by financial institutions.
How Horangi Warden Can Help
Horangi's cloud security platform, Warden, is your trusted partner in achieving BNM RMiT compliance. Warden offers:
- Out-of-the-Box Cloud Security Rules: Benefit from Warden's extensive library of 500+ cloud security rules, designed to address BNM RMiT compliance requirements.
- Compliance Automation Features: Simplify your compliance journey with Warden's automation features, streamlining the assessment and remediation of compliance violations.
For more information on how Horangi Warden can support your organization in achieving BNM RMiT 2023 compliance, please visit our support page.
For detailed information on the BNM RMiT 2023 policy document and related materials, please refer to the following external links:
- Bank Negara Malaysia Risk Management in Technology (BNM RMiT) 2023
- Bank Negara Malaysia Risk Management in Technology (BNM RMiT) 2020
- Appendix of RMiT: Cloud Technology Risk Assessment Guideline (CTRAG) Exposure Draft
Horangi is committed to empowering your organization's success in the ever-evolving landscape of technology risk management and compliance.