Clearly the far-reaching consequences of the COVID-19 crisis are uncertain. What is certain is that institutions’ ability to cope will depend in no small part on their technology infrastructures. Chartis describes that some areas, such as cyber security, IT systems and anti-fraud, the technology implications of the crisis, are already crystalizing.
“Those firms with significant gaps and inefficiencies in their technology structures will have to move quickly to identify their challenges and issues. To manage their risk exposure all FIs will have to develop new technology strategies and invest in systems and maintenance. Good governance and industry standards should guide any firm’s crisis response: how they act now could ultimately affect the reputation and resilience of the business.”
Read more and download the bulletin on Chartis website.