Lumiverse Solutions – L3 Bank Compliance Guideline
The L3 Bank Compliance Guideline by Lumiverse Solutions is a structured and simplified framework tailored specifically for Level 3 (L3) banks and cooperative financial institutions. Aligned with RBI's Master Directions on IT Governance, Risk, Controls, and Assurance Practices, this guideline helps small and mid-sized banks enhance their cybersecurity posture, manage IT risks effectively, and implement essential compliance measures. It covers core areas such as IT policies, data security, vendor risk, incident response, and audit preparedness, ensuring that L3 banks can operate securely, efficiently, and in full regulatory alignment.
Ensuring RBI Compliance for L3 Banks with Lumiverse Solutions
1. IT Governance
1. Establish a mature IT Governance Framework.
2. Constitute IT Strategy Committee (ITSC) with quarterly review.
3. Assign Board-level oversight and Senior Management IT Steering Committee.
4. Appoint a CIO and independent CISO with a defined mandate.
2. IT Infrastructure & Services Management
1. Implement enterprise-grade CMDB and ITSM tools.
2. Maintain geographic separation of DC & DR.
3. Ensure real-time monitoring of hardware/software lifecycle.
4. Automate patch and change management systems.
3. Risk Management
1. Maintain a robust IT and Information Security Risk Framework.
2. Perform annual asset-based risk assessments.
3. Integrate cyber risk into Enterprise Risk Management.
4. Cybersecurity & Compliance
1. Design and enforce layered cybersecurity policies.
2. Establish 24x7 Security Operations Center (SOC).
3. Conduct VA quarterly and PT biannually.
4. Mandatory red teaming annually.
5. Integrate threat intelligence feeds.
5. Business Continuity & Disaster Recovery
1. Implement a tiered DR strategy across applications.
2. Conduct DR drills quarterly.
3. Aim for near-zero RPO and minimal RTO.
4. DR drills should include a switch-over for a full working day.
5. Include vendor/partner infra in testing.
6. Information Systems (IS) Audit
1. Establish a separate IS Audit wing.
2. Perform risk-based continuous audits of critical systems.
3. Engage third-party experts for niche systems.
4. Review findings with ACB and ensure timely remediation.
7. Roles and Responsibilities
1. CIO for strategy; CISO for security governance.
2. CISO reports to CRO/ED, not CIO.
3. Quarterly review of cyber posture at the Board level.
8. Mandatory Controls
1. Full MFA implementation (internal and external apps)
2. Encrypted storage and transmission
3. Role-based, time-bound access
4. Automated audit trail analysis
9. Optional/Recommended Controls
1. AI/ML-based threat detection
2. SOAR (Security Orchestration Automation & Response)
3. Business simulation and tabletop exercises
10. Reporting & Review Frequency
Item | Frequency |
|---|---|
ITSC Meeting | Quarterly |
DR Drill | Quarterly |
VA | Quarterly |
PT | Biannual |
Red Team Exercise | Annual |
CISO Risk Report | Quarterly |
IS Audit | Continuous/Quarterly |
