WHY RBI RECOMMENDED ONLT CAS NOT CMAs FOR BANKING CFO ROLE

Management Tips, Articles, Education, Orientation, Jokes, soft skills and Humor

WHY RBI RECOMMENDED ONLT CAS NOT CMAs FOR BANKING CFO ROLE

Postby babureddyicwa on Fri Jun 09, 2017 12:41 pm

Banking changing rapidly, lenders should have CFOs, CTOs: RBI
With "rapid" changes in banking sector, the RBI today urged banks to appoint qualified chiefs to head the critical finance and technology functions.

The central bank also came out with minimum qualifications for the chief financial officers (CFOs) and chief technology officers (CTOs).

"Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology," it said in a notification.

"A CFO and CTO in banks' management structure would play a crucial role in strengthening and sustaining the banks risk governance framework," it added.

It can be noted that while banks have dedicated people handling these two functions, not all the banks have designated CFO or CTOs yet.

The RBI said a CTO should be an engineering graduate, or hold a Masters in Computer Applications (MCA) or equivalent qualification with a 15-year experience in banking information technology-related projects.

The notification said the candidate's experience should include work on IT policy and planning, financial networks and applications, financial information systems, cyber security technologies and payment technologies.

This experience should involve five years at the senior management level, said the notification which comes amid heightened concerns on cyber security security following the discovery of ransomware 'Wannacry'.

For the CFO's post, the RBI recommended qualification as a Chartered Accountant and an experience of 15 years.

The experience should include overseeing financial operations, preferably accounting and taxation matters, in banks or large corporates/state-run enterprises/financial institutions.

Ten years of this should be with banks or financial institutions, including five years at a senior management level, it said.

The apex bank advised banks to stipulate minimum requirements while inviting applications for the posts of CFO and CTO.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

Thanks
Regards
B Babu Reddy B.COM FCMA
Bangalore
9535636498
http://www.dnaindia.com/business/report-banking-changing-rapidly-lenders-should-have-cfos-ctos-rbi-2443316
User avatar
babureddyicwa
B.Babu Reddy B.com FCMA
 
Posts: 719
Joined: Sun Aug 08, 2010 6:20 pm
Location: Bangalore
Gender: Male
Country: India (in)
Full Name: balireddigari babu
Education: B.com FCMA
Year of Membership or Passing: 2009
Occupation: Service - in finance and accounting
ICAI (CMA) Membership: FCMA
Karma: 20

Re: WHY RBI RECOMMENDED ONLT CAS NOT CMAs FOR BANKING CFO ROLE

Postby bvprabhakar on Thu Jun 29, 2017 3:24 pm

Atrocious.

The rulers of our profession should immediately take up this issue.
लागत और प्रबंधन लेखाकार
விலை மதிப்பீட்டு மற்றும் நிறுவாகம் கணக்கர்
దారణ మరియు నిర్వాహకం గణకుడు
ಮೂಲ್ಯ ಮತ್ತು ನಿರ್ವಾಹಣೆ ಲೆಕ್ಕಿಗ
لاگت اور انتظام لیھاکار
コストと管理会計
التكلفة ومحاسب الإدارة
Kosten-und Management Accountant
User avatar
bvprabhakar
 
Posts: 3107
Joined: Sun Aug 10, 2008 12:16 pm
Gender: Male
Country: India (in)
Full Name: PRABHAKAR B.V.
Education: B.Com,MBA,FCMA,ACS,ACCA (UK),ACMA(UK),CPA(USA)
Year of Membership or Passing: 1989
Occupation: Service - in finance and accounting
ICAI (CMA) Membership: FCMA
Karma: 19


Return to Management Tips, Articles, Education, Humor


Who is online

Users browsing this forum: No registered users and 1 guest