Question Tag: Fintech

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  • 20 Marks

BSIM – OCT 2022 – L3 – Q1 – Issues Affecting Financial Institutions and IT Leverage

Discuss major issues affecting financial institutions like Ghana Bank and ways IT can be leveraged for competitiveness.

Ghana Bank is a major retail bank in Ghana with branches in three English-speaking West African countries. The bank’s physical presence in the major cities has helped to establish the company as a market leader within the sub-region. Despite their sub-regional dominance, the Chief Executive Officer (CEO) is concerned about the proliferation of various Financial Technology (FinTech) companies offering various financial services digitally. The executives, therefore, organized a management retreat to discuss the issues and develop appropriate strategies. In her opening remarks, the CEO read excerpts (in italic) from a thought-provoking article she had sighted in a recent edition of the Banking Quarterly Bulleting which focuses on strategic Information Technology (IT) issues affecting financial institutions. The challenges facing financial institutions have been exacerbated by issues of globalization, the ubiquity of mobile technologies and social media applications, disruptive IT innovation, and cloud computing. The phenomenon has expanded the horizon of emerging businesses, and also serves as a critical enabler for transforming business processes and operations. Many executives are now concerned with how to maximize shareholder value, improve corporate visibility and communication, and the proliferation of digital payment methods in an increasingly volatile environment. Moreover, many financial institutions have embraced global trends, standards, and technologies to remain relevant in competition

a) Discuss five (5) major issues affecting the operations of financial institutions such as Ghana Bank. [10 Marks]

b) Discuss five (5) practical ways in which IT could be leveraged by the bank to remain competitive despite the issues raised. [10 Marks]

[Total: 20 Marks]

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  • 20 Marks

RM – APR 2024 – L4 – Q7 – Outsourcing and Collaboration Risks

Discusses five key risk implications from outsourcing and collaborations with Telecom and Fintech.

Discuss at least five (5) key risk implications arising from the inevitable outsourcing of aspects of the banks’ operations and collaboration with Telecommunication and Fintech companies. (Hint – Discuss operational risk perspectives)

(20 marks)

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  • 15 Marks

AA – Nov 2024 – L2 – Q2a – Cyber Security Threats & amp; Audit Response

Discusses cyber security threats in an IT-enabled audit environment and the appropriate audit responses to mitigate such risks.

You are part of a team undertaking the audit of Glaglo LTD, a local retail company. The company recently introduced an online marketing and sales system. As part of understanding the company’s revenue process by way of a walkthrough test, you noted that the company has recently engaged a fintech company to handle payment processing from these online sales.

Required:

i) Discuss FOUR cyber security threats associated with the IT System employed by Glaglo LTD.

ii) State the audit response to the cyber security threats associated with the IT System employed by Glaglo LTD.

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  • 20 Marks

BSIM – OCT 2022 – L3 – Q1 – Issues Affecting Financial Institutions and IT Leverage

Discuss major issues affecting financial institutions like Ghana Bank and ways IT can be leveraged for competitiveness.

Ghana Bank is a major retail bank in Ghana with branches in three English-speaking West African countries. The bank’s physical presence in the major cities has helped to establish the company as a market leader within the sub-region. Despite their sub-regional dominance, the Chief Executive Officer (CEO) is concerned about the proliferation of various Financial Technology (FinTech) companies offering various financial services digitally. The executives, therefore, organized a management retreat to discuss the issues and develop appropriate strategies. In her opening remarks, the CEO read excerpts (in italic) from a thought-provoking article she had sighted in a recent edition of the Banking Quarterly Bulleting which focuses on strategic Information Technology (IT) issues affecting financial institutions. The challenges facing financial institutions have been exacerbated by issues of globalization, the ubiquity of mobile technologies and social media applications, disruptive IT innovation, and cloud computing. The phenomenon has expanded the horizon of emerging businesses, and also serves as a critical enabler for transforming business processes and operations. Many executives are now concerned with how to maximize shareholder value, improve corporate visibility and communication, and the proliferation of digital payment methods in an increasingly volatile environment. Moreover, many financial institutions have embraced global trends, standards, and technologies to remain relevant in competition

a) Discuss five (5) major issues affecting the operations of financial institutions such as Ghana Bank. [10 Marks]

b) Discuss five (5) practical ways in which IT could be leveraged by the bank to remain competitive despite the issues raised. [10 Marks]

[Total: 20 Marks]

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  • 20 Marks

RM – APR 2024 – L4 – Q7 – Outsourcing and Collaboration Risks

Discusses five key risk implications from outsourcing and collaborations with Telecom and Fintech.

Discuss at least five (5) key risk implications arising from the inevitable outsourcing of aspects of the banks’ operations and collaboration with Telecommunication and Fintech companies. (Hint – Discuss operational risk perspectives)

(20 marks)

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  • 15 Marks

AA – Nov 2024 – L2 – Q2a – Cyber Security Threats & amp; Audit Response

Discusses cyber security threats in an IT-enabled audit environment and the appropriate audit responses to mitigate such risks.

You are part of a team undertaking the audit of Glaglo LTD, a local retail company. The company recently introduced an online marketing and sales system. As part of understanding the company’s revenue process by way of a walkthrough test, you noted that the company has recently engaged a fintech company to handle payment processing from these online sales.

Required:

i) Discuss FOUR cyber security threats associated with the IT System employed by Glaglo LTD.

ii) State the audit response to the cyber security threats associated with the IT System employed by Glaglo LTD.

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