The Rise of GRC
Threats, Failures Have Banks Focused on New Strategies
In the wake of WikiLeaks revelations of critical data, Asian banking institutions now are paying even greater attention internally to issues of governance, risk and compliance, says K. Sugumaran of RSA.The potential risk of seeing inside information made public is terrifying at the highest level of banking institutions, says K. Sugumaran of RSA. "In Asia Pacific, GRC is becoming a very big thing," Sugu says. "I'm seeing GRC [attention] from the CEO down, mostly in some of the large banks in Southeast Asia."
Specifically, banking institutions are paying more attention to IT risk, he says, as well as ensuring that their online banking systems are fail-safe to avoid costly outages.
In an exclusive interview about GRC at financial institutions, Sugu discusses:
- Top GRC challenges for banks;
- How Asian banks are tackling these challenges;
- Where to start in improving GRC capabilities.