An influential international banking committee issued a report Tuesday calling for better security and management of electronic banking (e-banking) by the world’s financial institutions. The report, “Risk Management Principles for Electronic Banking,” was released by the Basel Committee on Banking Supervision and published on the Web. The rapid growth of e-banking in recent years has created a wealth of new banking products and services, but has also increased banks’ exposure to financial and legal risks, the committee said. Banks need to re-evaluate their risk management strategies and policies to account for e-banking activity, the committee said. Full Story
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