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Friday March 26, 01:23
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Banks Take To Enterprise-Wide Risk Management
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Wachovia has built what it terms a risk-management ‘environment’ to integrate its technology, processes, reconciling, integrity and controls, and is reaping the benefits in the form of transparency in financial reporting. By this means, Wachovia achieves competitive differentiation, according to SVP, Beth Gibson, who says the bank is “in a really, really good place” as a result of its risk-management ‘environment’. Standard Chartered Bank is also rolling out a risk-management and security monitoring system across its global operations, for a security infrastructure that can send alerts on the basis of intelligent information.
Given its legacy systems, Standard Chartered Bank recognizes that automated risk management is the best approach to addressing its global security requirements. The bank also lacks the time and resources to build risk processes into applications that are currently in development, and is consequently looking to bridging software to obviate the need to build or maintain a new risk-management system. Instead of using independent risk analysts, similarly, Standard Chartered believes its automated risk processes will become “the security armament” in risk-analysis across its global operations.
To optimize Standard Chartered’s security defenses in 2005 and 2006, John Meakin, head of information security, wants to integrate risk-assessment software with monitoring software so that any weak links in the bank’s infrastructure can quickly be identified and patched. The new system will prioritize risk in terms of severity, and automatically close any security holes, in the order of urgency, while delivering detailed reports on potential security events. Standard Chartered spends USD 11 million of its USD 400 million IT budget on security every year, and its move to automate risk management follows two years of discussions.
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