Recital 15 ICT project management

To manage the rapid advancement in ICT environments, financial entitiesas defined in Article 2, points (a) to (t) referred to in Title II of this Regulation should implement robust ICT project management policies and procedures to maintain data availability, authenticity, integrity, and confidentiality. Those ICT project management policies and procedures should identify the elements that are necessary to successfully manage ICT projects, including changes to, acquisitions of, the maintenance of, and developments 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;’s ICT systems, regardless of the ICT project management methodology chosen by 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;. In the context of those policies and procedures, financial entitiesas defined in Article 2, points (a) to (t) should adopt testing practices and methods that suit their needs, while adhering to a risk-based approach and ensuring that a secure, reliable, and resilient ICT environment is maintained. To guarantee the secure implementation of an ICT project, financial entitiesas defined in Article 2, points (a) to (t) should ensure that staff from specific business sectors or roles influenced or impacted by that ICT project can provide the necessary information and expertise. To ensure effective oversight, reports on ICT projects, in particular about projects that affect critical or important functions means a function, the disruption of which would materially impair the financial performance of a financial entity, or the soundness or continuity of its services and activities, or the discontinued, defective or failed performance of that function would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law; and about their associated risks 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;, should be submitted to the management body means a management body as defined in Article 4(1), point (36), of Directive 2014/65/EU, Article 3(1), point (7), of Directive 2013/36/EU, Article 2(1), point (s), of Directive 2009/65/EC of the European Parliament and of the Council (^31^), Article 2(1), point (45), of Regulation (EU) No 909/2014, Article 3(1), point (20), of Regulation (EU) 2016/1011, and in the relevant provision of the Regulation on markets in crypto-assets, or the equivalent persons who effectively run the entity or have key functions in accordance with relevant Union or national law; Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).. Financial entitiesas defined in Article 2, points (a) to (t) should tailor the frequency and details of the systematic and ongoing reviews and reports to the importance and the size of the ICT projects concerned.