ALIZZ ISLAMIC BANK
402 drivers of digital transformation . How banks navigate the risks and opportunities presented by technological innovations will dictate their ability to thrive ,” says Kallur . He continues , noting that emerging digital risks also go hand-in-hand with increased competition : “ Broader geopolitical , social and environmental concerns are looming larger , as regulatory fragmentation continues and competition intensifies . Fintechs and major technology companies seek traction in profitable parts of financial services , while banks ’ strategic options to deliver 11 % to 15 % return on investment narrow .” He also notes that cybersecurity – protecting information as well as capital – has become top of mind for banks , due the ‘ phenomenally ’ increased risk created by increased digitization of operations and records . “ In the ‘ good old days ’ we used to take a big black book , sit down and make various entries . You can ’ t hack into that . Now , in addition to other operational risks , information and cybersecurity risks have emerged into their own threat category .” In order to maintain security , Alizz utilises the ‘ three lines of defence ’ model : business units ,
APRIL 2019