Digital Risk Management: Are Enterprises Doing It Right?
Hariprasad Chede of National Bank of Fujairah on Ways to Better Manage Digital RisksWith changing needs of the customers, both operating and business models are also changing rapidly. While those changes are aimed at eliminating friction and improving experience, they also introduce new digital risks for businesses.
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Hariprasad Chede, chief information security officer, National Bank of Fujairah, UAE, offers insights on digital risk management and what organizational changes are required to address the emerging challenges.
"Multiple business units/departments have to come together to solve risks that emanate from hyper-digitalization. Distinct teams managing frauds, anti-money laundering and cyber risks have to come together to work with the core cybersecurity team to overcome the problem," Chede says.
"A better way to manage digital risks is to create a fusion center where stakeholders work on a common agenda to build customer trust. This could be helpful in preventing the challenges so that they don’t percolate further. May be time has come for a digital trust officer," he says.
In this video interview with Information Security Media Group, Chede also discusses:
- How to remove silos and create a unified approach to tackle digital risk issues;
- How to work upon cultural changes by doing small pilots;
- Creating a fusion center to better manage risks.
Chede comes with nearly two decades of experience in information risk and security domains. Of these, he has spent around 15 years in financial organizations. Chede was also the president of ISACA, UAE, and the manager of information risk and security for Union National Bank.
