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Banks must ensure safety and soundness of their systems
Tony Chew, director and specialist adviser to MAS discusses the urgent need for banks to boost their defenses in response to the various technology risks of today.

Oct 29, 2012 | Tony Chew

The banking system can be likened to a heart in the body. The heart pumps oxygen rich blood to all parts of the body sustaining life and keeps the body health. Now the banking system in terms of its function is very similar to a heart. It pumps money to all parts of the economy, facilitates and promotes industrial development, commerce, trade and productive investments. We need a robust banking system, but there has been a recent litany of banking incidents, scandals, crisis, and failures that have really shaken the world of banking. Banks have been caught rigging liable, facilitating…

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Categories: Data & Analytics, Operational Risk & Security, Regulation, Risk & Performance, Risk and Regulation, Technology & Operations
Keywords: The Asian Banker, DataWorld 2012, Tony Chew, MAS, Rope Trading, Standard Chartered Bank, HSBC, Technology Risk, Data Mingling, TRM, Big Data
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