Risk Management in the Finance Industry

Chris Clark, Managing Director of Prosperity 24.7 the Channel Island based IT Consultancy, recently presented in both Guernsey and Jersey on the subject of ‘Risk Management in the Finance Industry’, sharing advances in Technology, Cloud computing and Resilience.

Other presenters included Active Group, Carey Olsen, PwC, Mourant Ozannes, Guernsey Investment Funds Association, AO Hall, Kleinwort Benson and Viberts.

Brian Horsepool from Active Group chaired the event and outlined how “risk in the finance industry is not just about financial and trading risk. As the islands continue to come under close and increasing scrutiny from outside parties, all businesses need to demonstrate their ability to react to change, whether due to regulatory pressures here and elsewhere, foreign tax treatments, criminal and fraudulent acts and other risks including such practical matters as developing technology, rising costs, competition from other jurisdictions and the risks or benefits of outsourcing”.

Chris detailed recent experiences and advances in technology that can mitigate certain risks when a pragmatic application of technology is employed. These solutions ranged from ‘Infrastructure as a Service (IaaS) and Software as a Service (SaaS) solutions through to virtualisation which demonstrates the advances going ‘full circle’, enabling ‘Cloud’ technologies to be leveraged and implemented within the Enterprise to enable greener computing whilst enhancing mobility and high availability. Chris also discussed Data Domiciliation, Confidentiality, Information Security and Data Protection; he also raised the awareness of the audience of the risk from internal fraud through to Social Engineering and recent experiences of Cyber-attacks.

In summing up he covered the fact that ‘there is no silver bullet’ and shared in depth experiences for the audience to take away to ask their own IT teams what, how and if…?

His slides from the presentations can be downloaded ‘here’ for CPD and reference.

Chris Clark is the Managing Director of Prosperity 24.7; the Channel Island based IT Consultancy delivering products and services to a range of Global clients in various business sectors. He is recognised as one of the principal consultants for Strategic engagements in the Channel Islands. His background spans 20 years of Industry knowledge with solutions implemented across the Channel Islands, UK and around the World ranging from major transformation projects through to Dynamics CRM and major infrastructure refreshes. For further information regarding how Prosperity 24.7 consultants may be able to reduce your operational risk profile or improve productivity, please contact 01534 877247 or enquiries@prosperity247.com

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