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IT Committee Charter

The Technology Committee has been created to provide the strategic and tactical guidance for managing Ajman Bank's overall technology systems in the long and short term, to ensure systems development and maintenance projects initiated are consistent with the strategic business goals...
 
Purpose
  • The Technology Committee has been created to provide the strategic and tactical guidance for managing Ajman Bank's overall technology systems in the long and short term
  • Ensure systems development and maintenance projects initiated are consistent with the strategic business goals
  • Ensure that systems development and maintenance project priorities best meet the overall priorities of the Bank
  • Ensure the systems implemented meet the requirements and specifications of the users

Authority
  • IT Committee is primarily a decision making body for executing the IT related decision of the Bank within the authorities delegated from the Board and as per the decisions of the Management Committee
  • All decisions are to be taken by a simple majority vote. The casting vote in the event of a tie will be that of the Chairman of the Committee.

Composition
  • The Composition of the IT Committee will be determined by the CEO and will include representatives of the relevant divisions
  • Other members of the management can be invited on a case by case basis, however, they will not constitute a part of IT Committee

Meetings
  • The IT Committee shall meet quarterly or as required.
  • The Committee shall meet in person or telephonically, or by circulation of documents.
  • Majority of the members must be present in order for a quorum to be achieved at the meeting.

Responsibilities: The Committee shall be responsible for:
  • Agreeing and approving the Bank's IT strategy and budget to ensure it aligns with the business needs
  • Reviewing and approving the IT policies established
  • Reviewing IT performance against plans and budgets and recommend changes as needed
  • Reviewing systems and development project requests (NPR's) against cost/benefits to the bank and approval or reject
  • Reviewing all the systems development projects and set priorities based on resources required, cost/benefit, implementation schedule requirements or limitations
  • Approving re-allocation of resources within IT to facilitate meeting priorities and business needs
  • Reviewing and approving implementation plans
  • Reviewing results of quality assurance testing to ensure projects meet user specifications and approve implementation or require more development before implementation
  • Reviewing results of implementation and agree to final acceptance of the system or require additional development
  • Reviewing the reports and approve actions that result from the IT Security Committee meetings