MDIA (Malta Digital Innovation Authority) was officially unveiled at the Delta Summit in October 2018. The Authority was set up to draft, regulate and manage all Innovative Technology Arrangements (ITAs). The newly formed Malta Digital Innovation Authority has recently issued a number of consultation documents for guidelines for both service providers and ITA Applicants with respect to registering with the MDIA and the eventual certification.
Applicants who wish to carry the MDIA seal of approval within the DLT sector, can apply on a voluntary basis, ensuring they meet the criteria decided upon as a result of the consultation documents. While certification with the MDIA is voluntary, many ITAs are expected to apply for such certification due to the endorsement value it brings with it on an international scale. The certification will also help the ITA applicant to build trust with its customers and third parties, whilst adding value to the reputation of the issuer. In fact, an MDIA certification can be equated to a seal of approval by a leading blockchain-friendly jurisdiction in the world, thus mitigating reputation, trust and technology governance issues surrounding this innovative space.
Get help from BDO Malta
For businesses looking to voluntarily register their ITA with the MDIA, it is likely that they would require guidance to set up the necessary controls and standards. BDO Malta can help in the following ways:
BDO Malta will be applying to become registered System Auditors when applications are made available. As registered System Auditors, we can then perform both Type I and Type II audits as requested by the MDIA.
BDO Malta can assess the state of an entity’s’ SOC 2 readiness by evaluating the kind of ITA that is being offered, the specific Control Objectives that are applicable, and any controls that are relevant to the delivery of the service. Additionally, processes, privacy, information security, procedures, system configuration, and organisational structure are examined and evaluated in detail.
Once any gaps or shortcomings have been identified, BDO Malta can help with the remediation of them. Through audit scoping, compiling the ITA system description, risk management, control selection, and the definition of control effectiveness metrics, clients can have a full overview of where they stand in terms of compliance with the requirements.
To find out more about the consultation paper, ITAs or the MDIA, or getting assistance with MDIA registration, contact us today.