Tagged: Role Toggle Comment Threads | Keyboard Shortcuts

  • user 4:54 pm on February 4, 2019 Permalink | Reply
    Tags: , , , , , , Role, ,   

    Google And Amazon Favor Fed Role In Real Time Payments 

    If are worried about big tech players getting into , they have a right to be — and , among others, would like access to Fed faster payments.
    Financial Technology

  • user 3:35 pm on November 16, 2017 Permalink | Reply
    Tags: , , , , CISO, , , prompting, Role,   

    CISO importance is prompting internal role change 

    The value of the Chief Information Security officer has never been more evident, but is the well defined and structured enough?

    have witnessed a spate of cyber breaches recently with the financial sector experiencing 300 percent more cyberattacks than any other industry. More than 75 cyberattacks against financial services companies were reported in first nine months of 2016.

    A string of regulations requiring banks to adopt a more open architecture will further expose them to heightened cybersecurity risks, and the rapid pace of digitization in banking will only add to it.

    However, the banking industry is yet to see an increased responsibility in the role of a Chief Information Security officer (). A study by Gartner showed that only 20 percent of CISOs report to the CEO with ~60 percent of them reporting to the Chief Information Officer (CIO) or an IT executive. With the growing of security in an organisation, this current reporting structure might need to more to favour CISOs reporting directly to the CEO.

    Fig 1. Majority of CISOs report to the CIO
    Source: Gartner- Determining whether the CISO should report outside of IT

    CISOs need to have impartiality when it comes to budget and ability to influence the CEO

    There have been instances of uneven allocation of the IT budget for spend on cybersecurity, resulting in CISOs getting a smaller piece of the pie. Studies have shown that information security takes only a tiny three to five percent of the overall IT budget.

    UK banks have seen some traction here: Barclays has merged its two security functions, with previous Chief Security Officer (CSO) and CISO roles coming together under a combined CSO. Lloyds has set up a cybersecurity advisory panel to bring an industry perspective on key cyber-related activities and threats. The panel is part of a subcommittee to the Board Risk Committee (BRC) and the Chief Risk Officer regularly informs the BRC of the aggregate risk profile of the bank.

    Decouple the CISO from IT?

    Having the CISO report outside of the IT leadership could have several advantages:

    • Direct oversight from the CEO and business leadership could ensure key security considerations are addressed in business strategy and associated investments.
    • Reporting outside of the CIO puts the CISO and CIO on more equal footing.
    • It could help organisations attract more experienced security executives who might expect to report directly to the CEO, not a CIO.

    IDC believes that by 2018, increases in cybersecurity threats could result in 75 percent of CSOs and CISOs reporting to the CEO. Some regulators are even making it mandatory: In Israel, there are laws dictating that CISOs report directly to the CEO. UK banks should take a cue and become the financial services gold standard in cybersecurity governance.

    Banks need to reconsider the CISO role for greater cybersecurity effectiveness

    The primary goal of the CISO is not to protect but to protect the business. Though the position has risen in the organisational structure to the inner circles of the C-suite, a CISO’s ability to dictate a budget and make decisions independently may still depend on where the position falls in the organisational structure. Further, the role of cybersecurity experts has become increasingly important on the board, which has translated to higher salaries and attrition as well. Empowering CISOs might help mitigate this, through increasing representation on the board, direct reporting to the CEO, independent budget allocation and a role in strategy formulation.

    The post CISO importance is prompting internal role change appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:53 pm on November 7, 2017 Permalink | Reply
    Tags: Agency, , , , Role, ,   

    UN Development Agency Seeks Role In Global Digitalization 

    The UN probably isn’t capable of moving at internet speed but it can compile information about best practices in preparing for a digital future from countries around the world.
    Financial Technology

  • user 3:35 am on December 23, 2016 Permalink | Reply
    Tags: , , , , , Role, ,   

    The Role Of The New Advisor In The Digital Financial World 

    -advisors, wealth management algorithms typically offered at low costs and with little human interaction, are gaining stream. Globally, wealth managers were responsible for US$ 74 trillion in assets under management (AUM) in 2014. BI Intelligence predicts that robo-advisors will manage around 10% of total global AUM by 2020. This equates to around US$ 8 trillion in robo-advisors AUM.

    robo advisors growth


    Robo-advisors are a class of adviser that provides financial advice or portfolio management online with minimal human interaction. Much of the focus has been on portfolio management and most of these platform use algorithms such as Modern portfolio theory.

    Today, popular platforms include US-based Wealthfront and Betterment, UK-based Nutmeg, Australian Stockspot, German Vaamo, among others. In Switzerland we have Truewealth, Glarner KB, Swissquote and some new platforms which are going live soon.

    A research conducted by BI Intelligence found that consumers across all classes are receptive to robo-advisors, including the wealthy. 49% of this group would consider investing some of their assets using a robo-.

    With robo-advisory on the rise, the wealth management industry is undergoing significant disruption.

    According to Deloitte, robo-advisors hold some distinct advantages and are disrupting the industry in the following ways:

    &; The lower fees have broadened the market for advice to include the majority chunk of untapped wealth. More mass-market consumers can now afford advice.

    &8211; Robo-advisory is more appealing to the new generation of wealth, which seeks more control, who is digitally savvy, and demands greater availability.

    &8211; With large wealth management firms investing heavily in big data and advanced analytics, robo-advisory can become even more personalized and specific over time.

    &8211; Many wealth management firms have already begun incorporating robo-advice capabilities within their existing advisory offerings to create hybrid models.

    &8211; has lowered barriers to entry for new firms to break into wealth management. This has brought new levels of competition and innovation to the industry.


    Hybrid human-robo advisors

    After the strong growth of the robo-advisory approach in recent years, promoted by numerous startups worldwide as well as a sizeable number of early adopting wealth managers, a new &;sub-species&; has emerged: the hybrid human-robo advisor.

    According to MyPrivateBanking&;s report &8220;Hybrid Robos: how combining human and automated wealth advice delivers superior results and gains market share,&8221; these platforms combine computerized recommendations with on-demand advice from a human being.

    They use technology to standardize and cut costs on the information-gathering side of the job.

    The report found that pure robo-advisors (completely automated without personal service added on) have seen their growth slowing down as the market matures. Notably, Betterment&8217;s growth rate for AUM has remained at the same place it was a year ago.

    This is due to clients “starting to realize that what they’re getting from many providers is little more than a passive portfolio that they can easily build on their own without the robo middleman,” the report says.

    MyPrivateBanking estimates that hybrid robo-advisors will grow to a size of US$ 3,700 billion assets worldwide by 2020. By 2025, the total market size will further increase to US$ 16,300 billion. This number constitutes just over 10% of the total investable wealth in 2025. By comparison, pure robo-advisors will have a market share of 1.6% of the total global wealth at that stage.

    &8220;Hybrid robo solutions are a dynamic and also unstable new phase in the wealth management industry&8217;s transformation,&8221; the report says. &8220;We expect 2016 to be a year of significant developments.&8221;

    So far, notable hybrid robo-advisors include Vanguard, Personal Capital, Rebalance IRA and AssetBuilder.


    Featured image: Robot and human touching forefingers by Pixelbliss, via Shutterstock.com.

    The post The Role Of The New Advisor In The Digital Financial World appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

  • user 4:29 pm on June 15, 2016 Permalink | Reply
    Tags: , , , , , Economist, Examines, , Role,   

    IMF Economist Examines Bitcoin Blockchain’s Role in Banking 

    The International Monetary Fund (IMF) has published an article in Finance and Development magazine that  the case for ‘s and suggests that while the technology might have been built to “avoid ” it could have benefits for the and trading sectors. Authored by Andreas Adriano, a senior communications officer in the IMF’s communications [&;]
    fintech techcrunch

  • user 5:51 pm on June 8, 2016 Permalink | Reply
    Tags: BAFT, , , , , , , Role, ,   

    Banking Trade Group BAFT Seeks Bigger Role in Blockchain Policy 

    ‘s newly launched Innovation Council makes serving its members needs a top priority, and that won’t likely change anytime soon.
    fintech techcrunch

compose new post
next post/next comment
previous post/previous comment
show/hide comments
go to top
go to login
show/hide help
shift + esc
Close Bitnami banner