http://www.banktech.com/story/enews/BNK20030722S0003
E-Banking Is Board-Level Issue, Says Basel Committee
Ivan Schneider
Jul 22, 2003
Unprecedented speed of change, increased dependence on systems
architecture, more complex operations, and magnified importance of
security -- such are the fruits of e-banking in financial services.
While it does not bring "inherently new risks," electronic banking has
changed the overall industry risk profile, according to the Basel
Committee on Banking Supervision in a July 2003 report. Therefore, the
Committee recommends, banks' senior management and boards of directors
should review and modify existing risk policies where necessary, and take
a more active role in setting the strategic direction of e-commerce
initiatives.
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Internet trivia, 20th anv: http://www.garlic.com/~lynn/rfcietff.htm
