In line with its approved Terms of Reference, the Committee should meet at least once every quarter. During the year under review, the Committee met 3 times. However, it is to be noted that this Committee was established during the year and first met in February. 

Composition:

The Committee shall consist of at least four members.

Membership as at 30 June 2020:

With the exception of the CEO, the membership of the Committee shall be appointed by the Board from amongst the Non-Executive Directors with a reasonable number should have an adequate familiarity with technology of the Bank. As at 30 June 2020, the Committee was in adherence with the membership rudiments.

Current recomposed membership:

Note: Nicolas Fabien Hardy, Chief Technology & Operations Officer, is in attendance and non-voting.

Fundamental functions comprise:

• Any strategies and framework related to Information Technology, Digitization and Platforms, including e-banking products and services;
• Any technology strategy, policies, implementation of IT and digitization initiatives/projects undertaken that are aligned with the business strategy;
• Any proposals, policies, standards, procedures and framework related to IT Security blue print in line with the security strategies of the Bank;
• Proper balance of IT investments for sustaining bank’s growth, that IT investments represent a balance of risks and benefits, and that budgets are acceptable and monitored;
• Information and technology risks as identified during audit process are assessed and managed in line with relevant frameworks;
• Awareness about exposure towards IT risks and controls, effectiveness of management’s monitoring of IT risks through oversight over the proceedings of the Information Security Management Committee;
• Appropriate business continuity arrangements are in place relating to information technology;
• On-going relevance of the Bank's information management and data governance framework and systems including those relating to compliance with the General Data Protection Regulations (and any analogous legislation);
• Appointment of any such person (employee, consultant or advisor) to undertake any specific projects or assignments in relation to the Bank’s technology or digitalization initiatives/projects;
• On-going appropriateness and relevance of the Bank’s policy for the allocation of resources required to deliver both the short-term and long-term information technology strategies;
• IT organizational structure complements the business model and its direction;
• Management has implemented processes and practices that ensure that the IT services deliver value to the business;
• Senior management’s performance in implementing IT strategies and contribution of technology to businesses;
• Review the IT budget figures; and
• To undertake such other duties and responsibilities as determined by the Board of Directors of the Bank for this Committee.