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Management of cyber risk as operational risk in implementation of digital finance services in banking
(Maltepe Üniversitesi, 2017) Pacariz, Zerina
As reported by BCBS (September 2001). Operational risk can be defined as the risk of monetary losses resulting from inadequate or failed internal processes, people and systems or from external events. Digital finance is already one of the fastest growing fields in banking services in developing countries but there are inherent risks that have to be taken into account in order to have the most successful implementation of digital financial services. Many experts have discussed in the past year that cyber risk represents one of the top operational risks in financial industry. This paper aims to discuss recommendations for operational risk managers in the development of digital services in banking services with a focus on cyber risk as operational risk. The cyber risk in digital services will be analysed through three elements: risk factor i.e. causes, a realisation of risk i.e. risk event and consequences of risk. specifically impact. The cause is expIained by people, systems and processes, risk event includes loss of data. interruption in services to clients while impact is measured in claims. fines and foregone revenue. According to these three elements. the recommendations for management of cyber risk will be made.