The IT software development deals with various process and models to develop the software as per the initial requirements. The basic and the widely used in earlier days is Waterfall model.
The digital revolution in general and in banking in particular has changed the way we do business. Billions of dollars are transferred at the click of a button and business has become global in the true sense of the term. Digitization also brings with it an increased risk in transactional banking. Risk Management in such a digitized world has become paramount.
Operational risk is generally defined as a risk arising from direct or indirect loss to the firm due to inadequate or failed internal process, people and systems. Besides internally occurring events, the people, process and systems failure could also occur due to external events. Operational risk does not include business risk and strategic risk.
