NEWS
ITA focuses on Big Data
CBO issues
instructions
on fraud risk
management
T
he Central Bank of Oman (CBO) has
issued a set of instructions on fraud risk
management to all licensed Finance and
Leasing Companies (FLCs).
In a circular addressed to all finance and
leasing companies operating in the sultanate,
CBO noted that although globalisation
of financial services and innovations in
technology had positive outcomes, it has
nonetheless thrown up the challenge of
protecting the system from fraudsters. The
CBO advisory therefore exhorted all FLCs
to be increasingly on their guard to foil the
attempts of cybercriminals, as fraud has other
undesirable ramifications other than simply
exposing the vulnerabilities of the systems
and processes used by FLCs.
“Importantly, fraud is a threat to public trust
and the trust, as will be appreciated, is the
very basis on which the financial system
operates and hence, has to be zealously
guarded,” said a statement from CBO.
CBO further advised that FLCs have to pro-
actively attune their policies, procedures,
processes and technologies in line with
the emerging trends, developments and
concerns, to stay ahead of the adversaries.
FLCs should also unequivocally commit
themselves to prevent fraud and dishonesty
and actively promote an enterprise-wide
anti-fraud culture, CBO said.
T
he Information Technology Authority
(ITA) in Oman has conducted a
specialised workshop on Big Data, in
co-operation with Exceed Company
as part of its efforts to support the
organisation’s projects. The workshops
targeted government entities’
eTransformation teams and around 50
participants attended it to learn more
about the impact of Big Data in the
workplace and beyond.
During the workshop, the participants
were introduced to the concept of Big
Data itself and to identify the best
ways to benefit from it on a daily basis
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INTELLIGENTCIO
through the monitoring and analysis of
raw data. The workshop explained how
best practice concerning Big Data can
contribute to providing the best services,
applications and decision making
processes and thus enhance productivity
and improve service delivery.
Other issues addressed included the
increasing importance of artificial
intelligence, eLearning and the advanced
data analysis that can contribute to
empowering government employees with
the relevant skills needed to utilise these
applications in the work environment for
maximum efficiency.
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