Legal tech has great potential for India
The evolving landscape of the legal tech industry in India presents myriad opportunities for lawyers to expand their expertise, says Monica Mallela.
The Reserve Bank of India (RBI) has released a draft master direction on information technology (IT) governance for all regulated entities, which will make it mandatory for them to install a robust IT governance framework and help meet their objectives.
“The key focus areas of IT governance shall include strategic alignment, value delivery, risk management, resource management, performance management, and business continuity and disaster recovery management,” the RBI said.
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The framework will give clarity on the responsibilities of the board of directors and senior management of the entity.
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It will also have to include adequate oversight mechanisms to ensure accountability and mitigation of business risks.
As per the guidelines, the regulated entities would have to set up a board-level IT strategy committee, which will have a minimum of two directors as members and at least one of them must have substantial expertise in managing and guiding technology initiatives.
This panel will also ensure that the entity sets up an IT strategic planning process.
Also, the CEO of the regulated entity will have to form an effective oversight of the plan and execute an IT strategy.
The regulated entities have to institute an IT steering committee, with the objective of assisting the board, and IT strategy committee in IT strategic planning and oversight.
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