In the past year, the world had transformed, spurred about by a catastrophic event that today still envelopes most nations. While this event is, indeed, catastrophic by any means and form, it had driven the world to innovate and had accelerated digital transformation to meteoric levels. Customers of banks, financial service, and insurance (BFSIs) moved into the digital space in a very rapid clip, taking advantage of digitalization has to offer. From e-commerce to payments, customers flocked to digital services out of necessity and because of the conveniences – and security – such services offer. By doing so, it had forced BFSIs to accelerate their digital transformation program to keep up with customer demands and with their competition.
The rapid uptake of digital platforms by BFSIs focused mostly on solutions and, by doing so, has increased the vulnerability of these institutions to governance, risk, compliance (GRC), and security threats. These threats, if not addressed properly, can break even the most well thought of digital transformation programs. In a rush to implement a digital solution, most BFSIs – especially the traditional ones – focus more on two things: the budget and the technology. While the two are uber important, making sure that any digital transformation has a governance structure in place for success is crucial. More so, risks to digital transformation projects need to be identified and mitigated. Compliance measures (to internal and external regulations) must also be well thought of and considered for a successful digital transformation program. Security needs to be well planned and measures to identify and eliminate security threats need to be in place at the very beginning.
BFSIs that are either digital natives or are digital transformation veterans have GRC and security measures in place. On the other side of the fence, though, are BFSIs that are just practically starting their digital transformation journey and are in a frantic push to have their digital products and services out as soon as possible, probably overlooking the importance of having GRC and security in their digital transformation equation. These are the exact reasons why Geniusto conducted a 2-day Digital Transformation Accelerator Program (DTAP) workshop, focusing on the importance of GRC and security for a solid DX program last April 26 – 27, 2021.
Aptly titled “DX Programs – Don’t Leave Security, Risk, and Compliance Out of the Equation’’, the award-winning fintech company’s internal experts provided useful knowledge, insights, and information on how best to include GRC and infosec for an effective digital transformation program. The attendees, who came from different banks, financial services, and insurance companies, all were given crucial take-a-ways relative to their digital transformation efforts. Adding to their newfound knowledge were several, key takeaways from AWS who shared best practices on how to best address risk and compliance concerns related to cloud computing.
Geniusto can help your organization with its digital transformation efforts. Aside from our next-get platforms and solutions, we also offer a DTAP program that can be custom-tailored for your organization. On top of that, our experts can also provide consultancy services.
To find out more about our custom DTAP program and our consultancy services, drop us a message at firstname.lastname@example.org.