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IT Risk Management
IT Risk Management
The FSRA considers IT risk as a key risk faced by firms in the ADGM and has established rules and guidance to help Authorised Persons and Recognised Bodies manage IT risks. The FSRA incorporates the assessment of IT practices as part of its supervisory activities over Authorised Persons, Recognised Bodies, and applicants for a Financial Services Permission.
Rules & guidance summary
The tables below summarises the rules and guidance that Authorised Persons, Recognised Bodies, and applicants should consider as they build effective IT risk management practices and fulfil their regulatory obligations. These rules and guidance issued by ADGM’s authorities are available here.
ADGM Regulations
- Data Protection Regulations
- Electronic Transactions Regulations
FSRA Rules (Activity-agnostic)
- General Rulebook
- Anti-Money Laundering and Sanctions Rules and Guidance
FSRA Rules (Activity-focused)
- Conduct of Business Rulebook
- Prudential – Investment, Insurance Intermediation, and Banking Rules
- Prudential – Insurance Business
- Market Infrastructure Rulebook
FSRA Guidance (Thematic) - Activity/Topical Focused
- Digital Securities
- Digital Investment Management (“Robo-advisory”)
- Private Financing Platforms and Multilateral Facilities
- Virtual Assets
- Cybercrime Mitigation
FSRA Guidance (Thematic) - Technology-Focused
- Application Programming Interfaces (APIs)
- Emerging Technologies (Joint-issuance with CBUAE, SCA, and DFSA)
FSRA Guidance (Activity-agnostic)
- IT Risk Management Guidelines (ITRMG)
In November 2023, the FSRA published a Discussion Paper setting out a holistic approach to IT risk management. Interested parties are encouraged to respond with comments to the Discussion Paper and look out for announcements on IT risk management from the FSRA via this webpage.
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