Mr. Rana (Vivek S. Rana) has worked in online payment industry for over ten years in areas of systems design, operations, risk management and Governance areas in South East Asia, the Pacific region and the US. Mr. Rana worked as a CEO of Smart Choice Technologies in 2008 and was instrumental in exploring payment technologies in making Access to Finance available to the rural population. Vivek is an Electrical Engineer by profession and holds an MBA in Corporate Finance and risk management and is a certified information Systems auditor, and IT risk management and Governance specialist. Mr. Rana is leading a startup company – InfoAssure©– an IT audit/assurance, IT risk management and IT governance firm in Nepal.
Title of Presentation: Managing stakeholder needs
Banks and Financial Institutions in Nepal similar to many developing countries have traditionally adopted mitigating risk focus generally on financial risks such as credit, market, interest, and liquidity. Non-financial risks such as strategic, operational, technological have only received cursory treatment, more as a need to meet the legal and regulatory requirement. The increased share of e-banking and use of online payment activities such as the percentage of revenue, and volume of business, and the consequent demands, especially on ICT infrastructure, has forced many Bank and online payment management to wake up.
In the absence of adequate Central Bank supervision, regulatory guidelines, and complete lack of Governance, the online payment industry in Nepal continues to raise the risk profile of the institution significantly. The presentation sets forth an explicit requirement for IT systems to look at stakeholder requirement as a key driver that influence business realization, IT risk optimization and business resource optimization.