MDIA Systems Auditor: On the 17thJuly 2019 the Malta Digital Innovation Authority approved STIS Group to perform Systems Audits.
STIS Group have immersed themselves in the regulations, and the acts and have published several pages of help and guidance for clients who need help with using DLT or smart contracts seeking to be licenced by the MFSA or to be recognised by the MDIA.
Philip Mather, Audit Practice Director –stated, “all of our team have up to date real world experience of the audit areas. As an organisation we have put Malta, the MDIA, MFSA and System Audits at the centre of our business, we have created a unique application to help guide our clients through the process of selecting a suitable auditor and the audit process itself to make it efficient, consistent and repeatable but most of all easier for the client to understand”
Systems Audits are now compulsory for Issuers and Service Providers applying for a licence under the Virtual Financial Assets Act and for Innovative Technology Arrangements (ITA) seeking a voluntary certification under the MDIA certification process.
The MDIA CEO Stephen McCarthy has said that “systems auditors are responsible for carrying out thorough inspections of exchanges, ICOs, STOs, or any other entity using DLT technologies as they proceed to apply for initial certification from the MFSA, in accordance with the legislative framework enacted towards the end of last year (2018). The Innovative Technology Arrangements and Services (ITAS) Act and the VFA Act, together with the guidelines issued by the MDIA, have also placed emphasis on yearly audits to verify the firms’ continued security and transparency, with regular monitoring to scrutinise the integrity of their operations and IT set-up.”
STIS Group specialise in making the process of auditing as simple and stress free as possible, we recognise that the client’s priority is to run their business and that preparing for and passing an audit is often a diversion for them. Our philosophy is that by working with the client to help them understand the benefits of an audit and by implication the client implementing the processes, policies and technologies required to succeed, we put them in a better place as an organisation.
It makes absolute sense when you are prospectively handling large sums of money, or processing on behalf of many businesses and individuals that you should seek a second opinion and gain certification. Assurance and trust will be paramount for these new instruments to succeed.
Faisal Uddin – CEO stated, “we see Systems Audits as an enabler for Maltese registered businesses, and will do for DLT and Smart contracts services what PCI DSS did for the cards industries and what ISO 27001 has done for Information Security. Systems Audits will provide customer of our clients the assurance that the technology is not just robust, but secure and regulated with the same rigour as any other financial instrument”
STIS Group are the first non-Maltese organisation to be approved as Systems Auditors and are a truly international team drawn from many different disciplines.
The team is drawn from Data Protection and IT Security Experts, data centre audit and design, managed services, security testing, service integration, development and network and infrastructure backgrounds, as well as highly regarded specialists in the disciplines, of blockchain, smart contracts, ICO, DLT, across a wide range of public and private blockchains and applications.
If you want you know more about our services take a look at our MDIA and MFSA Aligned Services page.
Or contact us directly on +44 (0)203 488 2604 or email us directly at firstname.lastname@example.org.