Posted by: Soumitro Ghosh | March 21, 2014
The economic melt-down has resulted in the transformation of the global banking industry. Mighty giants in the developed markets have come crashing down into bankruptcy, while their counterparts in the emerging markets have raced ahead.
Posted by: Soumitro Ghosh | August 23, 2013
In the aftermath of the recent financial crisis and accounting malpractices by institutions such as Enron and Lehman Brothers, governments and central banks are tightening their regulatory grip on companies, especially financial institutions and banks. There is an increasing list of regulatory compliance procedures like the 2010 Dodd-Frank Act and Sarbanes and Oxley Act in the US and Basel-II in Europe etc. that financial institutions need to follow, ranging from ‘know your customer’ regulations, accounting regulations, reporting compliance and even environmental regulations.
Posted by: Soumitro Ghosh | March 22, 2013
What are the latest trends in cloud deployment by financial institutions? For now, the real growth in financial institutions lies in the private cloud strategy. CIOs are leveraging existing investments in hardware and software by turning them into an on-demand shared service. The private cloud allows existing enterprise security standards to remain in place, alleviating concern over the real and critical threats of exposing the business, its operations, and data to a broad range of public cloud vendors. As institutions gain experience with their own version of the cloud, trusted business partners offering specific external on-demand services are brought into the mix.
Posted by: Soumitro Ghosh | March 21, 2013
Regulations are changing the way banks function. For example, the ICB report in the UK recommends that a bank’s investment banking business be ring-fenced from retail and other businesses. The Dodd-Frank Act recommends standardization of OTC products and trading via central exchange counterparties. Post the fi¬nancial crisis, regulators have also pointed out that data received by various regulators from a bank do not reconcile. The Basel III requirement for stress testing, economic capital and liquidity risk management will mandate further integration of data across functions.