Case Study
IT-510
By: Moaz Banjer
Instructor: Dr. Ali Bicak
1. Introduction
Today in the banking industry there are many standards and regulations that banks must follow in order to be citified and recognized by other initiatives. These standards and regulations must be followed and obeyed in order to have the certification valued. For example, ISO has released their standards and regulations for banks (ISO??????) in XXXX. If a given bank wanted to receive the ISO certification and be recognized by other institutions, they must comply with standards and follow their new standards and updates. It gets harder for banks when they have more than one certificate they wanna comply with in addition to the federal rules and the state rules. Some banks faced a huge lost in value and customer base because they couldn't comply with all the regulations which would cause them to be under sanctions and regulations until they comply with the given standards. It also get herder for banks when they have international standards to follow in addition to the local standard.
The Payment Card Industry is formed by American Express, MasterCard WorldWide and VIsa. These major payment companies created a list of regulations and standards that must be followed by any bank that wants to provide a credit card service. Since the new technologies is emerging every year, these regulations and standards are constantly changing and growing, so banks must always comply with these new rules in order to keep their certificate valid. Back in the days, the responsibility of complying with the regulations was shared by the IT department and the business department, this process caused confusion and wasted time and effort, either because of lack of communication or not being aware that the current standard has been changed.
Major banks that follows many regulations and standards realized that they can not afford to lose value or business