Risk Assessment Software for Banks
This blog previously discussed how more banks are beginning to focus on risk management solutions for their organization. As technology continues to evolve, it is critical for financial institutions to update their efforts and ensure that all risk assessment software is current and that all employees understand what they must do to keep sensitive data safe.
A recent Bank Systems and Technology article featured tips and suggestions from several financial experts, on what organizations must do to keep their risk assessment efforts on-point.
Chip Tsantes, EY principal for information of Security Advisory Services, explained in his contribution that it’s a delicate balance that banks must achieve between mitigating fraud and having as little customer disruption as possible.
“Security must be an ongoing practice, not a one-time exercise,” Tsantes wrote. “Rules should continuously be updated in response to new attacks. With mobile applications, operating system updates should trigger an assessment. Independent security assessments should be an integral part of the process.”
According to Doug Johnson, VP of risk management policy for the American Bankers Association, customers must also feel a sense of control. For example, creating a device authentication format can help clients feel more at ease. Many customers consistently use the same phone or computer to do their mobile banking, Johnson explained, and banks should be able to recognize a familiar device.
Nancy Guglielmo, BITS VP of Fraud Reduction agreed, adding that technologies that use biometrics for authentication will pair well with mobile usage, as all available data needs to be combined to better identify any anomalies in customer interactions.
Having comprehensive risk assessment software is an important tool for financial institutions of all sizes. From there, organizations must find the right combination of educating employees and customers to keep all sensitive information protected from cyber criminals.
