Digitization Calls For Security & Risk Management In Cooperative Banks
With the increase in digitization, the banking sector is drifting towards non-branch approach. This calls for improvement in technology and risk management in all sectors of financial services
Kanchan Kulkarni, Regional Head - Maharashtra, ICICI Bank talks about the systems ICICI Bank has adapted to in terms of digital security and solutions in understanding latest technological trends.
"My area of deliberation is to know the secretive controls installed in the bank and to understand how successful and effective they are. As far as implementation is concerned, Information Technology would refer to putting hardware in line and oversee smooth functioning of the software. Hence it is imperative to have a rescue mechanism in line to avoid any bigger issues." Says Kanchan Kulkarni.
Practical risk management is understood as one of the key solutions to understand the latest trends of banking explains Sunder Krishnan, Chief Risk Officer, Reliance Nippon Life Insurance Company.
He said, "My company has 750 branches and most of them are in rural areas where there is the scarcity of electricity and resources. If we face power cuts we deal with it in many practical ways. Co relations amongst Cooperative banks is very necessary in order to strengthen the industry and given the kind of investments, this industry needs to be more practical.
According to Vaibhav Umbarje, Head IT, Maharashtra State Co-operative Bank states that following the latest government oriented platforms for digital payments and following authorized auditing periodically can mitigate many risks.
"With the increase in digital transactions the government has made many rules and regulations according to the convenience of the citizens. Auditing periodically can help mitigate the risks and threats." Says Umbarje
"Security is a state of mind and it depends on the way we look at it. When we have that kind of assumption with respect to the banking system, we feel that it has changed. But it is not the system that has changed but the approach of banks has changed and we are now moving with a non-branch approach. Hence many security frameworks have to based on the business needs of an organization. Top level organizations should have a strong mindset for security measures especially when in today's times the mode of access to banks is coming from different sources." Said Ravikiran Mankikar, Retired Chief General Manager, Shamrao Vithal Cooperative Bank on the landscape of security threats.
The panel discussion on Security and Risk Management for Cooperative Banks was moderated by Sadanand K. Nayak, CEO, Gopinath Patil Parsik Janta Sahakari Bank Ltd. at the BW BusinessWorld Cooperative Conclave Maharashtra 2017.