Ziraat Bank Develops Solutions to Counter Risks from Information Technology
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In the year of 1863, Ziraat Bank was founded as a state-owned bank in Turkey, and remains the largest banks in the country up to date.
The Turkish Wealth Fund is their sole shareholder, and it has led them to open up branches totaling up to 1,752, of which 1,728 are domestic and 24 are located abroad. As such, the bank is available to perform all genres of banking activities, as they spread their operations in 18 countries and 111 service points worldwide.
From statistics alone, Ziraat Bank has a customer base that exceeds 32 million, housing more than 24 thousand employees to run the giant operations. As a bank that belongs to the state, it's required of them to carry out social responsibilities that provide different services in all areas of Turkey. Mentioning Turkey, it has a 1565 km distance between westernmost and easternmost borders, which is extremely difficult to cover, and Ziraat Bank has all the resources to set up their branches.
In recent years, threats on cyber security have increased significantly, especially in the financial markets when compared to previous periods in the industry. Consequently, the management of the banks’ information technology risks has evolved into an important issue that needs to be addressed immediately without any delays in the process. The significance of the matter was further amplified as the pandemic was able to restrict human communication indefinitely.
As Ziraat Bank begins to receive high dependence from their clients in the fields of banking, technology, increasing competition between financial institutions and globalization in the financial markets, so does the chances of being exposed to the risks coming from information technology which increases by the minute.
Although they carry high risks, information systems used in each stage for daily activities contain a structure that affects the realization of different organizational goals and objectives. Furthermore, it can also serve as an important force multiplier under different market circumstances. However, the solution for Ziraat Bank is to keep using information systems with the risks they entail, but working effectively to ensure that they manage these risks properly to prevent any sort of issues arising in the future.
Credits
Entry Name: Ziraat Bank IT Risk Management
Entrant Company: Ziraat Bank
Winning Category: Business Technology Solutions – Governance, Risk & Compliance Solution
View this article on Moliving on their winning entry: Moliving: The World’s First Nomadic Hospitality Solution.
