Enterprise Risk: The Growing Challenge

Developing enterprise risk management processes is one challenge for Asian banks. But following these processes is quite another, says Peter Koo, partner, Enterprise Risk Services, at Deloitte Touche Tohmatsu in Hong Kong.And this is one of the biggest challenges for Asian banking institutions - following enterprise risk processes.

Beyond processes, banks also are challenged by emerging technologies and regulations, Koo says. In an exclusive interview, Koo discusses:

• Electronic banking challenges to Asian financial institutions;
• How institutions are responding to the threat landscape;
• Unique risks to data privacy at Asian institutions.

Koo is a Partner of the Enterprise Risk Services in Hong Kong office of Deloitte Touche Tohmatsu. He manages consulting services such as, Sarbanes Oxley Attestation/Readiness, Internal Audit, System Process Control Consulting, IT Audit, Risk Management and Business Process Re-engineering and is the regional leader of the firm's eBusiness Security and Certification Authority/PKI consulting services. Also, he is an active member of our Financial Service Industry (FSI) Group and Telecommunications Media & Technology (TMT) Group. Having served the firm in different countries, he was also recognized as the Practice Leader of the Internet Security Consulting Services in the West Coast of both Canada and USA. Prior to joining the firm, he worked in different internal audit departments within the federal governments of Canada, with exposure in Financial Transaction Audit, Internal Audit, System Process Consulting and Business Process Control as well as Risk Management.

Koo is certified to implement WebTrust Assurance Services and is the founder of Certification Authority/Public Key Infrastructure (PKI) initiative for Hong Kong office. He plays a key role in the WebTrust and Certification Authority for CARO compliance standard setting committee for the Hong Kong Institute of Certified Public Accountants (HKICPA).