It requires enormous amount of continuous data capturing for analysis, risk measurement and provisioning, as also validation of models and processes deployed for such assessments. All this has to be essentially carried out using technology based applications.
However, these requirements will entail some costs and banks will have to see as to how appropriate technology usage can help them reduce the costs of compliance process, at least in terms of operational efficiency. At the same time, IT risk itself shall form a large part of the operational risk and shall require focused attention.