By: Binta Jaiteh
The National Assembly Committee on Finance and Public Accounts (FPAC) Wednesday spelt out a set of recommendations for the Central Bank of The Gambia (CBG).
The committee came up with the recommendations following a thorough review of the bank’s 2023 management letter.
According to FPAC, the recommendations were the outcomes of a careful consideration.
Firstly, the committee recommends that the CBG submit its strategic plan and logs of ICT testing on business continuity.
Secondly, the committee also recommended for the bank and the Ministry of Finance and Economic Affairs to initiate the creation of an Insurance Commission for better regulation of the insurance industry.
It was further recommended that the CBG’s Business Continuity Plan (BCP) be in place to provide directions in the case of any possible eventualities.
Still, the committee recommended that CBG’s BCP should be documented and tested to ascertain that the plans in place were appropriate for the CBG’s continued operation when disasters hit.
It was also recommended that the bank should conduct periodic network penetration testing.
The committee further tasked that the ICT Unit of CBG should determine its own interface policies and cater for future adjustments such as Cyber Security Guidelines.
Furthermore, the committee said that CBG should determine its own security policies in very clear terms for both internal and external connectivity and periodically update them when necessary and consistently look at system security logs to correct issues.
