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BANKING
Today the penetration may easily face with regulatory sanc- ment of undesired events caused by
of the Internet gains tions; the Internet, as well as with timely
ground. In accordance and comprehensive education of the
with the EU agenda, ยป risk of money laundering due to clients for protection of the security
it is expected to make reduced face-to-face contacts with the risks, that is adherence to the security
investments of 11 clients. In conditions of e-banking, it recommendations. The internet is an
billion Euros in the ICT is almost impossible for the banks to open network, global according to its
sector by 2020, and by identify whether a specific transac- nature and available to everyone. The
2015 the regular use tion is performed by the very owner increased reputation risk that may
of Internet is expected and the location where the transac- arise from the application of e-bank-
to increase by 75%, tion was performed. ing requires close monitoring of the
that is, to half the operating systems, of the needs of the
population that never The information security in the new clients, and timely notification of the
used internet from 30% information economy increasingly highest managing authorities about
to 15% points out the importance of trust and the accidental events.
its building in the everyday banking
activities. The increasing dependence In order to respond to the challenge
of banks on the information and com- of risk management in conditions of
munication technology (ICT) and its application of e-banking, that is, to
extensive application in the manage- help the regulators and the banks in
ment of financial operations results the definition of their policies and
in quite a complex risk management procedures for risk control in the
process in regard to inappropriate newly created conditions, the Basel
information systems. It includes eco- Committee on Banking Supervision
nomic assessment of the information has identified fourteen principles of
systems that bring risk (particularly risk management in e-banking. The
from security point of view) and their principles are not absolute require-
comparison with the required invest- ments. On the contrary, they are only
ments for protection before the need directions which may help the banks
to find possible solutions. Therefore to mitigate the risks in conditions of e-
the efficient approach to risk manage- banking. There is no unified approach
ment in regard to inappropriate infor- to risk management in e-banking. The
mation systems is conditioned by the technical solutions and standards of
previously undertaken measures for e-banking arise from the national reg-
establishment of minimum standards ulatory bodies, in accordance with the
for information security by the coun- national needs and the development
try, of the financial supervisors and of technology in the national econo-
the regulators. my. Banks will approach towards the
development, adjustment and applica-
The reputation risk is also one of tion of the processes for risk manage-
the risks whose intensity increases ment in e-banking, depending on the
when banks use internet. The reputa- regulatory requirements and policies
tion risk increases particularly when determined by the national supervi-
the system or the e-banking products sory bodies, as well as in accordance
and services do not function in accor- with the risk profile, the operational
dance with the expectations: when structure and the culture of their cor-
there is no appropriate and fast com- porate management. The basic princi-
munications network, when the sys- ples for risk management in e-banking
tem security is impaired, when the proposed by the Basel Committee on
clients have problems with the prod- Banking Supervision (BKBS, 2003) are
ucts and services they use, when mis- grouped into three categories which
takes or abuses by outsiders emerge overlap, as follows: a) continuous su-
etc. Banks can significantly reduce pervision by the highest managing
the reputation risk only by apply-
ing efficient processes for manage-
50 May 2016
