My staff have advised me that they already have a cryptology for risk management – RISK, which would take into account the following: R – Recognition – to identify any risk early on and take proactive steps before it gets out of hand; I – Improvisation – of new methods, techniques and tools to secure better monitoring, and providing for a feed-forward rather than a feed-back system; S – Segmentation – to address smaller systems and sub-systems individually so as to address their unique features while also being mindful of the systemic impact; and K – Knowledge – to enable knowledge-based decisions in a knowledge-powered economy, resulting in scientifically-engineered and output-oriented action.
Since the announcement of the budgetary measure, banks have promptly taken various steps to promote the scheme by inter alia setting up SME desks, assigning a team/department to promulgate the scheme, informing SME customers of the various SME products through letters, communiques, website and advertisement, and personally visiting SME customers to promote key products.