INFORMATION TECHNOLOGY IS A KEY PIECE TO THE OVERALL ENTITY PUZZLE AND MISSION

INFORMATION TECHNOLOGY LEVERAGES COMPONENTS KEY TO THE SUCCESS OF THE FUNCTION AND ENTITY

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• Leadership and Risk Governance Framework (RGF) structure

• Strategy

• Risk appetite and risk tolerance levels

• Policies

• Procedures

• Processes

• Awareness and management of key risks and rewards to entity

• Performance measures

  • Key Performance Indicators - KPIs (lagging)

  • Key Risk Indicators - KRIs (forward looking and enable forecasting)

• Key Information Technology components (Risk Sub-Categories - see below)

• Integral interrelationships and key entity objectives and dependencies upon other functional areas

INFORMATION TECHNOLOGY

RISK and DUE DILIGENCE SUB-CATEGORY CONSIDERATIONS

EUROPEAN UNION (EU)

GENERAL DATA PROTECTION REGULATION (GDPR)

The May 2018 entry of the European Union (EU) General Data Protection Regulation (GDPR) introduced stronger rules on data protection. 

According to the European Commission GDPR website, the new stronger rules on data protection mean people have more control over their personal data, and businesses benefit from a level playing field.  

GDPR is having a significant impact globally as it has provided a standard framework for the transparency and requirements of businesses over personal data protection and privacy.  GDPR also foreshadows standards likely to be adopted throughout the world.

TECHNOLOGY ECONOMIC DATA

The Federal Reserve Bank of St. Louis Research Division provides Federal Reserve Economic Research (FRED).  The following San Francisco Tech Pulse chart is an example of the free current economic information available for your entity data and decision support needs.

TECH PULSE

The Tech Pulse Index is a coincidence index of activity in the U.S. information technology sector. The index interpreted as the health of the tech sector. The indicators used to compute the index include investment in IT goods, consumption of personal computers and software, employment in the IT sector, industrial production of the technology sector, and shipments by the technology sector. For further information, please visit the Tech Pulse webpage at the Federal Reserve Bank of San Francisco.

Source: Federal Reserve Bank of San Francisco, San Francisco Tech Pulse [SFTPINDM114SFRBSF], retrieved from FRED, Federal Reserve Bank of St. Louis