With the rapidly rising significance of technology, ensuring adequate Cyber Security preparedness at the banks on an ongoing basis is extremely crucial. In this aspect, CISO’s role is very critical as he is responsible for establishing an adequate Cyber Security programme and coordinating with the compliance aspects to the bank’s policy across the organisation, says Biju K, Head, Operational Risk and Chief Information Security Officer (CISO), Federal Bank, in conversation with Elets News Network (ENN).
How vital is the role of Operational Risk Management (ORM) in banks?
Risk Management is a complex function at banks. Though thrust was on credit and market risk in earlier days, operational risk was subsequently identified as a separate class by Basel itself. As the name says, operational risk is the risk of loss resulting from inadequate or failed internal processes, people, systems and or from external events. Unlike other risks, operational risk is highly dynamic, very difficult to quantify and the impact can be extremely high. Several factors like the…
