Art. 3 ICT risk management | RTS on ICT risk management framework |

Financial entitiesas defined in Article 2, points (a) to (t) shall develop, document, and implement ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; management policies and procedures that shall contain all of the following:

an indication of the approval of the risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; tolerance level for ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; established in accordance with Article 6(8), point (b), of Regulation (EU) 2022/2554;
a procedure and a methodology to conduct the ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; assessment, identifying:
1. vulnerabilities means a weakness, susceptibility or flaw of ICT products or ICT services that can be exploited by a cyber threat; and threats that affect or may affect the supported business functions, the ICT systems and ICT assets means a software or hardware asset in the network and information systems used by the financial entity; supporting those functions;
2. the quantitative or qualitative indicators to measure the impact and likelihood of the vulnerabilities means a weakness, susceptibility or flaw of ICT products or ICT services that can be exploited by a cyber threat; and threats referred to in point (i);
the procedure to identify, implement, and document ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; treatment measures for the ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; identified and assessed, including the determination of ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; treatment measures necessary to bring ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; within the risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; tolerance level referred to in point (a);
for the residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; that are still present following the implementation of the ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; treatment measures referred to in point (c):
1. provisions on the identification of those residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment;;
2. the assignment of roles and responsibilities regarding:
  
  the acceptance of the residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; that exceed the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations;’s risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; tolerance level referred to in point (a);
  
  for the review process referred to in point (iv) of this point (d);
3. the development of an inventory of the accepted residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment;, including a justification for their acceptance;
4. provisions on the review of the accepted residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; at least once a year, including:
  
  the identification of any changes to the residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment;;
  
  the assessment of available mitigation measures;
  
  the assessment of whether the reasons justifying the acceptance of residual ICT risks means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; are still valid and applicable at the date of the review;
provisions on the monitoring of:
1. any changes to the ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; and cyber threat means a cyber threat as defined in Article 2, point (8), of Regulation (EU) 2019/881; landscape;
2. internal and external vulnerabilities means a weakness, susceptibility or flaw of ICT products or ICT services that can be exploited by a cyber threat; and threats:
3. ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; of the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; that enables promp detection of changes that could affect its ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; profile;
provisions on a process to ensure that any changes to the business strategy and the digital operational resilience means the ability of a financial entity to build, assure and review its operational integrity and reliability by ensuring, either directly or indirectly through the use of services provided by ICT third-party service providers, the full range of ICT-related capabilities needed to address the security of the network and information systems which a financial entity uses, and which support the continued provision of financial services and their quality, including throughout disruptions; strategy of the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; are taken into account.

For the purposes of the first paragraph, point (c), the procedure referred to in that point shall ensure:

the monitoring of the effectiveness of the ICT risk means any reasonably identifiable circumstance in relation to the use of network and information systems which, if materialised, may compromise the security of the network and information systems, of any technology dependent tool or process, of operations and processes, or of the provision of services by producing adverse effects in the digital or physical environment; treatment measures implemented;
the assessment of whether the established risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; tolerance levels of the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; have been attained;
the assessment of whether the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; has taken actions to correct or improve those measures where necessary.