Analyse the risks as well as suggested responses, Risk Management

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Question:

You work in one of the major commercial banks of the island and your institution is contemplating venturing into Internet banking in the near future. As the risk manager you have been asked by the director to assess this project in terms of hazards and rewards. You realise that failure to manage negative risk properly, cannot only lead to harm to the business, but can also imply potential lawsuits from shareholders, customers and third parties. You also have to keep in mind the regulatory penalties that may be involved.

It is your duty to make sure that all the risks inherent in such an enterprise are fully documented and you are required to give an overview of how these business risks affect your institution before the board approve a plan to implement an Internet banking platform. When doing the risk assessment and writing your report, detailed outlines of all procedures at different stages as well as a good description of the risks need to be addressed.

At the end you should have identified, prioritized and analysed the risks as well as suggested responses.


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