IIA Canada Comments on FSRA Proposed IT Risk Management Guidance Consultation
The Institute of Internal Auditors Canada (IIA Canada), in collaboration with IIA Canada members, submitted a response to the Financial Services Regulatory Authority of Ontario's (FSRA) Consultation on Proposed Guidance on IT Risk Management. This guidance applies to all FSRA-regulated sectors and sets out seven practices to effectively manage IT risk and the steps required to notify FSRA in the event of an IT incident. IT risks, like cyber threats and aging digital infrastructure, can result in financial losses and harm to consumers.