This is an age full of mistrust and bitter relationships between potential clients and current financial institutions. With the bailout of key financial institutions, many people find it difficult to instill their trust in the banks’ ethics. Also, the possible failure of institutions that seemed unquestionably permanent is leading more and more people not to trust the traditional financial institutions with their own money. Why should a customer feel safe and trust their savings and income to an institution that seems unable to manage even their own risks? In light of this, it is extremely crucial for banks to have an ongoing security risk assessment program, and to corporate with a compliance audit when necessary.
A security risk assessment program followed by a compliance audit is extremely necessary tool in today’s climate. If a banking institution is truly open about doing such things, and doing it frequently, it will help comfort the public that this is an institution that is cautious, careful, and future thinking. It is also a comfort to know they are willing to be self-critical before any regulations get rolled out as the mistrust towards the government’s ability to regulate future problems properly in a timely manner has been shattered. Most people feel like the government does not acknowledge a problem until it is far too late, and then will act far too slowly to prevent any damage being down to the public and to individual customers.
The bank’s themselves also benefit from a solid security risk assessment program. Many employees of these institutions felt that their jobs would essentially never be threatened as these businesses had lasted for decades or longer, and were the backbone of the entire economic system. It seemed absurd to think that these banks could fail or even be at risk to fail. With this confidence shaken, even the employees higher up in the ladder no longer felt secure. These sorts of steps and programs not only help the public as a whole by providing a healthy, solid financial background, but help assure that the banking system’s thousands of employees have solid, steady careers. This is one of the reasons many people go into banking – it has always been viewed as a solid, dependable career that would weather any political or economic turmoil.
With this standard in place, it is possible for the banking system to not only rebuild the trust of the public, but also to assure a long lasting and healthy opportunity for employment for thousands of talented people.
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