Question

TRUST an emerging bank in East Asia. The bank having its most of the operations online now is using the internet for over 10 years and security is the key structure obstruct whereupon the bank depends. Data security is esteemed at elevated level making operational, financial backing and making it a significant asset to the organization. Mr. RST, Manager-IT clarifies, " Financial business can’t sustain without security checks. 24x7 checking is expected to protect the data. On the off chance that we neglect to consent to the security rules we can confront overwhelming fines and serious harm to our reputation of the bank". As indicated by him, the business integrity, confidentiality and accessibility of data should be protected reliable banking services to its customers. For this, he and his colleague Mr. XYZ, Senior Manager, IT predominantly demanded risk analysis, regularly updating the applications and procedures, get to checks and business consistency. Most importantly, they likewise included that ABC Bank is in the last procedure of accomplishing ISO certification that offers a complete way to deal with the data security and data risk management. Mr. RST proceeds, "This certification will assure the customers of our quality of service in security."

Moreover, the senior manager of this trust bank planned to improve its waiting system in the bank. So, the bank planned to benchmark the waiting system process with a reputed hospital in that region which had an efficient waiting system management. Initially, the senior manager planned to benchmark its waiting system process with PRX bank in that city, it is waiting system management, payment processing, financial operations and satisfying customers are as good as TRUST bank. But the PRX bank is not having ISO certification. Hence, the senior manager dropped the idea of benchmarking process with PRX bank. The proposed benchmarking process displays four phases of benchmarking - planning, data collection, analysis and adaptation. The three most basic variables confronting the benchmarking process were seen as: time and resource accessibility; restricted length; comparability and compatibility. A portion of the difficulties to effective usage of benchmarking projects in the banks are: top Management support, long time period to finish the project, fear of sharing information, and significant expenses of benchmarking were seen as the primary difficulties to execution of benchmarking projects in the banking industry.


QUESTION NO:3
Analyse and identify the suitable ISO standards (at least 2 standards) applicable for TRUST Bank with proper justification, evaluate the benefits (at least 4) of implementing the ISO standards in the banking sector in specific to TRUST Bank and how can you prove TRUST Bank is superior than PRX Bank?

Answer 1

Answer 3.

Two suitable ISO standards applicable to TRUST bank are as follows:

ISO 27000

The reason why the ISO 27000 is necessary for the trust bank is that this standard is for information security management system and the reason why this is required by the TRUST bank is that because the bank is very much focused on the security of the customers and they know that they cannot compromise with the security. They know that confidentiality, accessibility, and integrity is the main feature of their bank and it is the reason why people like the TRUST bank.

ISO 9001

ISO 9001 certification is another certification that is required by the TRUST bank because this standard is recognized worldwide and it respects the customer satisfaction. This standard ensures that the bank has reliable systems and other payment services that can be trusted by the customers. The banks have improved customer satisfaction and full commitment towards customers is the banks eligible for the IS0 9001 standard.

The benefits of implementing the ISO standards in the banking sector are as follows:

• The benefit of implementing the ISO 27001 standard is that it provides the framework in which it is mentioned that the firms can use the effective information security system and custom-based security systems irrespective of their size.
• Another benefit of ISO 20022 is that this standard helps for the automation in the payment flows with the wider or we can enhance structure message information. Making processes more efficient and reducing application development times and optimizing interfaces and enhancing security.
• The Benefit of implementing ISO 9001 certification is that it helps the business to implement a quality management system. ISO 9001 is internationally recognized and it represents a high level of quality to the customers. This certification or standard also focuses on customer satisfaction.
• ISO 20000 is for Service management services because it services are used by many banking organizations so to make sure that the firm is using the proper IT services this standard is for the banks which makes sure that the service is prone to several risks such as information leakages, system failure frauds, etc

TRUST Bank is superior to the PRX Bank because:

Major points that ensure that TRUST bank is superior to the PRX bank are:

1. Managers are very much concerned about the information and security in the bank rather than focusing on just the waiting management system for the bank.
2. PRX bank is not having any ISO certification which makes TRUST bank losing interest towards the PRX bank. So ISO standards are a must.
3. Trust bank is focused on risk management, regularity in updating applications, and business consistency which makes the TRUST bank superior.
4. Security and safety of the customers are the priority of the TRUST bank which makes is superior and above all banks.