Paper Title :Information Technology/Information System Risk Management in a Banking Industry
Author :Deepa Ann Jacob, Rajeswari M
Article Citation :Deepa Ann Jacob ,Rajeswari M ,
(2019 ) " Information Technology/Information System Risk Management in a Banking Industry " ,
International Journal of Management and Applied Science (IJMAS) ,
pp. 81-83,
Volume-5,Issue-7
Abstract : The etymology of the word “Risk” can be traced to the Latin word “Rescum” meaning Risk at Sea or that which
cuts. Risk is associated with uncertainty and reflected by way of charge on the fundamental/ basic i.e.in the case of business
it is the Capital, which is the cushion that protects the liability holders of an institution. Banks are compelled to encounter
various kinds of financial and non financial risks. These risks are interdependent and events affecting one area of risk can
have ramifications and penetrations for a range of other categories of risks. In the current scenario the Information
Technology/Information System Risk management became the most inevitable task of the bank. The increase in tremendous
number of fraudulent transactions via password compromising, OTP sharing, phishing etc may cause wide range of
possibilities of threats to the firewall of the organisation.
This article mainly deals with the major Information system threat that arouse in banking industry. After a brief description
on it, the study leads to the possible ways of managing the risk Importance of risk management program has been briefly
illustrated. The role of Information Technology department in banking industry in safe guarding the privacy of the customer,
their account details and other sensitive data of the bank has been briefed. As a conclusion, the article describes about the
avoidance of risk through the approaches Avoid, Reduce, Transfer, and Accept. As technology increases day by day, the
possibility and loopholes for new fraudulent are increasing. In practice there is no single unified solution for IT Risks. It's
been said that we can control to an extend cannot be eradicated.
Keywords - Risk Assessment, Risk Management, Risk Avoidance
Type : Research paper
Published : Volume-5,Issue-7
DOIONLINE NO - IJMAS-IRAJ-DOIONLINE-15872
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Published on 2019-09-16 |
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