Final Tech Report HD - Flipbook - Page 7
As a starting point, risk and compliance in any organisation
should not just be owned by the Risk and Compliance
department. Ownership of risk and understanding of controls
needs to be spread throughout an organisation, it should be a
part of the culture. Effective ways of working, with everyone
having a common understanding of the business priorities
(and why these are the priorities) leads to stronger controls
and greater flexibility. People take ownership of what they are
doing rather than relying on “experts” to define controlled
processes.
Customer Expectations
The evolution of technology in more and more industries
means that customer expectations have grown in every
industry. Customers expect to be able to make payments with
their watches and their phones. They expect to be able to see
transactions in real time and they expect to have better
information about their spending.
We are now seeing expectations from customers in how banks
manage their data - because it is their data, the bank is just
minding it for them. Open Banking and PSD2
regulation has the potential to be game-changing for
customers. Other service providers can now start to offer
bespoke financial solutions to customers and they don’t have
to go to their bank for everything. So, how can banks react to
that customer expectation? It comes back to technology and
ways of working.
Ways of Working
Traditional ways of implementing software changes rely on a
Software Delivery Cycle (SDLC). Business requirements are
defined and signed off, a functional specification is signed off
and then technical specifications can be written. Once the
software is developed, there is a well defined process for test
and assurance prior to software being deployed to
productions. This way of working has traditionally had some
weaknesses.
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