Book Review: Bank of the Future
By Kannan Subramanian R and Chithra Selvaraj. Wolters Kluwer; [email protected]; 670 pages; $149.70 plus shipping.
Depending upon your viewpoint, technology is either ushering in a new era of prosperity and enlightenment or it is likely to run amok and lead to the death of civilization. Regardless of opinion, everyone is being forced online. In the banking world, even those who refuse online banking are nonetheless affected by the Internet of Things (IoT) and information technology.
Bank of the Future: Minimise Technology Risk, Maximise Business Return describes both the big picture and the details of banking and technology. It begins with an overview of the evolution of online banking, then introduces the reader to technology risks in the commercial bank environment. The authors discuss enterprise IT risk management and various risk methodologies before exploring the details of system architecture and process automation. For the IT specialist, the book provides a detailed roadmap to—as the authors state—minimize technology risk and maximize business return.
The authors have put a tremendous amount of effort into this book and provide page after page of material, checklists, diagrams, and tables to assist in evaluating the current state of an organization’s online presence.
Without a doubt, securing banks in the online environment is complicated. Attempting to detail technology is always fraught with the challenge of time delays between writing, publishing, and release into the marketplace. While some material may already be dated, the concepts around risk management, conducting a detailed audit of the program, and securing the banking environment are as relevant as ever. For those in the banking sector, the book is definitely worth reading.
Reviewer: Glen Kitteringham, CPP, has worked in the security industry since 1990. He is president of Kitteringham Security Group Inc. and holds adjunct instructor positions with the University of Calgary and the Justice Institute of British Columbia.