• Info@aganoconsulting.com
  • Call Us: +254 (20) 267-0743

News & Opinions

 NB: as reported by “The Star”, a Nairobi Newspaper

Banks have been urged to invest in converged governance, risk and compliance functions to save them on major losses in the future especially loss and theft of data and fraud. At the ongoing AITEC Banking conference in Nairobi, participants heard that banks do not yet view these functions as well as information security as strategic investments.

 

Instead, the costs associated with say setting up a biometric system are seen as too high and better invested elsewhere. Dr. Matunda Nyanchama, a Canada-based consultant, gave the example of Canadian banks that came out of the global financial crisis unscathed because of stringent governance and compliance systems. “Regulation (in Canada) is done to a ‘T’,” Nyanchama said. “When the crisis came, the nation was saved.”

Eric Lusaka, a governance, risk and compliance consultant at PWC Kenya said these related functions tend to be muddled up or lumped together when they should be separately defined. In some organizations, compliance is placed together with risk while in others it is found in a legal and compliance department.

Yet compliance should be used to stringently enforce rules and regulations that should be followed when assessing credit risk and information security. “When problems arise each side says you are responsible,” Lusaka said. Hesham Hamdy, Chief Risk Officer of Arab International Bank of Egypt said such roles should be well defined. “It is better to segregate the duties. The functions are different,” Hamdy said. “I cannot head compliance and audit.” Hamdy said the roles sometimes overlap but that should be seen as an advantage.

Lusaka of PWC advised that banks use an umbrella model that converges information from these different functions together to avoid duplication of duties and the existence of contradicting information about the same issues in one bank. For example, the risk department may have different sets of risks from the Information Security department. Lusaka also identified information security as one area banks have yet to address fully. “Information Security is treated not as a strategic investment but as something nice to do,” said Lusaka. “Something as biometrics is seen as too expensive.”

Read 40816 times
Rate this item
(0 votes)

529 comments

  • Thurman Thomas Bills Throwback Jersey
    Thurman Thomas Bills Throwback Jersey Saturday, 10 June 2017 09:49 Comment Link

    1M ($3.
    Thurman Thomas Bills Throwback Jersey

  • air jordan retro
    air jordan retro Saturday, 10 June 2017 09:09 Comment Link

    The MVP after three years in a row for a while, durant become another person after Ross
    air jordan retro

  • Singel Kayak
    Singel Kayak Saturday, 10 June 2017 07:45 Comment Link

    Banks urged to invest in risk controls

  • cheap jordans
    cheap jordans Saturday, 10 June 2017 06:21 Comment Link

    I precisely wanted to appreciate you once more. I am not sure the things that I would have undertaken in the absence of these hints discussed by you directly on such a situation. It absolutely was an absolute frightful condition in my position, but looking at a well-written mode you processed it took me to jump over delight. Extremely happier for your support and in addition expect you comprehend what a powerful job you have been accomplishing teaching the rest thru a blog. I know that you haven鈥檛 encountered all of us.
    cheap jordans

  • Snowmobile Track
    Snowmobile Track Saturday, 10 June 2017 05:38 Comment Link

    Banks urged to invest in risk controls

  • Michael Lorenzen Reds Jersey
    Michael Lorenzen Reds Jersey Saturday, 10 June 2017 04:52 Comment Link

    May 20, 2015Telecoms, AML bills high on agenda of 11th Parliament  HarmonThe liberalisation of the telecommunications sector is set to become a reality with the new administration.
    Michael Lorenzen Reds Jersey

  • 86-0574-62176005
    86-0574-62176005 Saturday, 10 June 2017 02:13 Comment Link

    Banks urged to invest in risk controls

  • osjpthnzk
    osjpthnzk Saturday, 10 June 2017 01:48 Comment Link

    Banks urged to invest in risk controls
    [url=http://www.gyj07l60d1586r1k4lasswj6641ui45ks.org/]uosjpthnzk[/url]
    aosjpthnzk
    osjpthnzk http://www.gyj07l60d1586r1k4lasswj6641ui45ks.org/

  • cheap jordans shoes
    cheap jordans shoes Saturday, 10 June 2017 00:56 Comment Link

    Development inside sie ausreichend akklimatisiert. Stop functioning Aktualisierung chaussures nike atmosphere spork 92 danach mit jederzeit akzeptiert Nike Zeitgen? ssische Luft Adeptness Physiques durchgefhrt eine berzeugende Zweck t? hrend dieser l? rbar Kehrtwendung stop functioning 3 kann passes away Einblick the woman's mit ihren Leistungen inside Zugeh? rigkeit zu tasks. Sports Kosak blicherweise als Anwendung eines ver? nderten Kapazit? to Charakterisierung from a akzeptiert tattoos? chliche Lot der charakteristischen allumfassenden Standorten. M? hrend der english sie allgemein genannt werden Ausbung Experten; Kanadier Bekanntschaft sie Sportler, wenn Individuen mit Australien schleicht vertraut zu machen.
    cheap jordans shoes

  • stephen curry shoes
    stephen curry shoes Saturday, 10 June 2017 00:20 Comment Link

    Sexy stunner love to wear basketball shoes she was huang shark fans
    stephen curry shoes

Login to post comments

We are proud to be a leading in consulting and ICT training company. We are happy to serve you. Follow us on:

Our Firm

  • What we do
  • About us
  • Opportunities
  • Opinions & News
  • Contact
  • Partners
  • Awards
  • Experience
  • Events Calendar
  • Media Gallery

Contact Info

Ufundi Plaza,
Moi Avenue
Nairobi, Kenya 00200

+254-20-267-0743

This email address is being protected from spambots. You need JavaScript enabled to view it.

8.00 am to 5.00 pm