are fully disseminated to all sections of the staff for their unflinching compliance at all times. iv. thou shall take action at the appropriate time. it is almost impossible to achieve complete it security in any organisation. addressing it security related concerns and breaches thus assume significance. the watch word here is timeliness ; it is only those banks which take quick corrective action which can survive the onslaught of security breaches. such prompt action is possible only if the banks have already put in place well defined systems and procedures. the need to focus on attempted security violations also needs to be taken care of since these offer themselves as excellent early warning signals which, if left unattended or improperly attended, may result in substantial losses and a small lapse often becomes a mega event due to lack of right decision at the right time. v. thou shall ensure that adequate resource capability is provided for. an effective it security framework cannot be implemented in isolation. it is imperative that all resources which facilitate the accomplishment of this objective are adequately provided for. these include adequate personnel, effective and efficient it systems, good vendor management policies, and sound it / are audit mechanisms. costs are certainly associated with these but the benefits accruing on account of reduced impact of it security breaches more than compensates for the costs incurred in this regard. vi. thou shall provide for optimal business process re - engineering. most it implementations in the indian banking scenario are replicas of the manual work processes which have been only tweaked to perform in an it - enabled environment. the result is the existence of redundant processes and loss of efficiency. business process re - engineering leads to cost savings, better work flows, improved efficiency and better customer service levels as business process systems are cross - functional, i. e. the system boundary is not within a single function but actually goes across boundary lines. vii. thou shall take care of obsolescence issues for it security as well. perhaps the only industry in today ’ s world where advancements are very rapid and every advancement brings in its wake reduced costs for adoption is the ict industry. network based communication has reached rock - bottom levels as far as costs are concerned while the prices of it systems have exponentially reduced. the rapid degree of product and feature obsolescence in the it industry is a formidable challenge for banks. such obsolescence needs to be tackled in a systematic and proactive manner for mutual benefit of the banks and their customers. care needs

constituency opposed to free trade which, in many cases, was able to develop convincing narratives for the continuation of protectionism even when the crisis was over. institutions provide stability by their very nature of being hard to change. but that inertia can lead them to lack the agility to deal with new challenges. failure to react can fertilise counternarratives. but there is also a chance for new institutions to be founded which improve on previous institutions. the federal deposit insurance corporation was created in the united states in 1933 to reduce the effect of failed banks on depositors. following the recent financial crisis, the international institutional architecture was strengthened with the inauguration of the g20 summits and the creation of the financial stability board. in the euro area, the establishment of the single supervisory mechanism and the single resolution mechanism has strengthened the financial system and made it more resilient to future shocks. while the current multilateral framework has so far protected against rising protectionist sentiment, it is worth recognising that anti - globalisation and anti - establishment sentiments have not disappeared. there is an increasingly common belief that the benefits of globalisation have not been distributed widely enough and that it has reduced protection for workers. let me take a few moments, then, to remind you of the successes of the post - war institutions in europe. 5 / 7 bis central bankers'speeches the european union as provider of stability and protection the european union and the single market have successfully delivered decades of peace and growing prosperity throughout europe. there has been a steady process of strengthening trade and economic links, based on the foundations of democracy, a strong social model and the rule of law. these institutions are europe ’ s answer to the questions posed by globalisation, a democratic way to reap the benefits of economic integration while still protecting consumers and workers. the single market is more than just a customs union or a dense network of free trade agreements between countries. it is in fact an innovative forward step in economic evolution. it provides the legal framework for trade between member states, underpinned by the four fundamental freedoms – free movement of goods, services, labour and capital. this framework is vital to give companies confidence to invest and integrate across national borders. for trade to flourish, businesses need to be certain that contracts will be honoured, competition rules will be fairly enforced, property rights respected and standards adhered to. in ensuring the rule of law, the single market reduces barriers to trade, labour mobility and competition and increases