How to Prepare BCM for FinTech? The Coming of Digital Bank in Malaysia

How to Prepare BCM for FinTech? The Coming of Digital Bank in Malaysia?

In the near horizon of the banking industry especially with the advent of Fintech emerging to the banking industry with its fast and furious pace, the Business Continuity Management (BCM) professionals must be equipped and be able acquire the knowledge and be able to assess and Fintech’s impact on conventional brick-and-mortar bank’ BCM program.

Objective

The aim of the Meet-the-Expert seminar is to have a both BCM and Banking subject-matter-expert such as Sharon Chan to enlighten the BCM professional of the impending trends and advance preparation needed.  The objective of this presentation is not to provide the solutions but to raise awareness of the coming trends and demand of the BCM profession in the near future.

Threats and Challenges

As we looked into the near future of FinTech, from the risk assessment perspective.   These are the questions that you should consider:

• Are the banks facing the same threats and challenges as before?
• Where are the threats going to come from?
• What would most likely to disrupt or discontinue business now versus what we thought would disrupt/discontinue business, say, the last 5 to 10 years ago?

Example of New Threats

Invasion of electronic money (e-money) and virtual payment platform

• How are traditional financial institutions impacted?
• Can we even begin to say that we truly understand how e-money, e-wallet, virtual payment platforms and cryptocurrencies, etc etc may potentially threaten, disrupt or cause immense damage to the banking sector?
• What are the considerations for business continuity and disaster recovery?

Evolving Technology: IOT and AI and Cloud

• Banks are facing immense challenges in avoiding, or shielding itself from being linked to electronic gadgets and the risk of opening themselves to the vulnerabilities of cyber attacks.
• Although not formally acknowledged, cyber invasion clearly outpace the speed in which banks can build or re-invent their defence walls.
• Can banks react in tandem with the staggering speed and reach of a cyber threat?

Regulatory Compliance

The changing regulatory regime has require BCM professionals to:

• Re-look at the changing regulatory focus and approach
• Focus on new regulatory guidelines pertaining on technology risk management and cyber security
• Review the increasingly onerous (and costly) on banks to meet the high IT security standards required

Summary

Taking a look at our own organisation’s existing BCM and BCP/DRP, how do we measure up to the above? Is it time to re-think our BCM?

Who is Sharon Chan ?

Sharon started her career in banking 33 years ago. Her experience and exposure covers both front line, middle office and operations primarily in commercial and investment banking. Her main expertise is in Risk Management although she has also spent many years in Treasury as well as several years in Retail banking.

In her working experience of more than 20 years in a large local bank, Sharon has also covered Islamic banking, stockbroking, asset management as well as the insurance business. Currently, she is the head of risk management of a locally incorporated foreign bank. Sharon holds a Masters Degree in Business Administration and is also a Certified Business Continuity Planner.

Current BCM Career

Executive Vice President Head of Risk Management Division China Construction Bank (Malaysia) 2016 - Present

Academic Qualifications

Master’s in Business Admin (MBA) Heriot-Watt University

Join Our Special Course for FI with Sharon as the Instructor

Lastly, if you would like to continue to know more about Business Continuity management learning journey, click "Implementing and Managing Your Business Continuity Program"