IT Committee Charter

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