Download whitepaper – Risk management for Internet banking
Internet banking has boosted a revolution in the banking industry providing great benefits to both banks and consumers. The term,’ internet banking’ is interchangeably used as’ PC Banking’ and/or ‘Home Banking’. Considering the requirements of the consumers and the level of risk involved, the internet offerings have been classified into three main categories such as Informational (Consumer receives information about the bank’s products and services. Since it does not allow any transaction or an access to bank’s core application, it is, therefore, considered as ‘low risk’), Communicative (Bank offers account related information to consumers along with an access to update their personal data. Since access is allowed to the bank’s core application, it is therefore considered as ‘high risk’) and Transactional (Consumer can conduct both financial and non-financial transactions by accessing the bank’s core application. This category also carries ‘high risk’ element.
Mr. Aijaaz Shaikh, Joint Director, State Bank of Pakistan (The Central Bank), one of the distinguished speakers at Cards & Payments Asia 2012 conference has released a detailed whitepaper about internet banking risks and risk management for internet banking. Download Mr Shaikh’s whitepaper to find out:
Internet Banking Risks: The advent of internet banking has not opened up new risks categories, but rather accentuates the risks that any financial institution faces. The major risks associated with internet banking include the Transaction Risk, Reputation Risk, Information Security Risk, Compliance Risk and the Strategic Risks
Risks Management for internet banking: Internet banking follows the same principle as other risk management processes. The risks involving internet banking should neither be conceived as a technical problem nor should its solution be confined to IT department. It is one of the general management issues and need attention from the higher management. Strong legal & regulatory framework, implementation of international payment security standards, bank management oversight and strong internal controls will largely manage the risks. In addition, the higher management should clearly understand the role played by internet banking in meeting the bank’s overall strategic objectives.
To find out more about what Mr. Shaikh will share at Cards & Payments Asia 2012 conference, view the conference programme now! Cards & Payments Asia 2012 and its 7 co-located events will be held on 25 – 27 April 2012 at Suntec Singapore!