If your business crucially relies on digital processing, any strategic decision at the company level requires knowledge and understanding of risks. Besides, we frequently observe that banks find it difficult to reorganise their IT systems. While a complete, “big bang” overhaul may be preferable, it often meets with resistance from many parts of the company.
Before I go any further, I would like to give a special mention to my colleague on the Executive Board, Joachim Nagel. As you may well know, Mr Nagel stood in as the board member responsible for banking supervision for several months after our Deputy President, Ms Lautenschläger, left to join the ECB in January.