Ensure the soundness and stability of the international banking system using risk management strategies. Information technology security is considered under the category of operational risk management in the BASEL II agreement.
Central Office of Information.
Data backup and restoration is not only something that should be practiced with the files on your hard drive, but those on the web host’s server as well. All it takes is one technical difficulty or natural disaster for the web hosting company to lose a server and all of your website data. The good thing is that most providers perform redundant backups to ensure that your data can be restored in the event of a failure. To be on the safe side, HANDD recommends looking into a web host that offers a utility that allows you to backup your own data.
Electronic Data Interchange (EDI) is a very broad term. EDI encompasses all means of electronically sending data from one remote location to another. But now, with the wide variety of options for sending a file or document from one work station to another, corporations are finding their data files spread very thin. There is also confusion among team members when it comes to what the latest version or revision of a document or file may be.
A comprehensive EDI system will reduce your costs in many ways. By its “electronic” nature, you will have much less need of paper and other related materials. Since the EDI system will archive your data automatically, it will free your team members to perform more high-value tasks rather than spending their time filing documents.