22 docs tagged with "CIO/CTO (Role)"

Open source software may have hidden costs, such as maintenance, support, security, and compliance. Users and contributors need to be aware of the total cost of ownership and the implications of using different licenses.

Data leakage risk refers to the potential for sensitive or confidential information to be unintentionally or maliciously disclosed outside of an organization, leading to potential harm to the organization's reputation, finances, or legal standing.

Staff risk refers to the potential for negative consequences as a result of the actions or decisions of employees, such as fraud, data breaches, or compliance violations.

Strategic risk refers to the potential for adverse outcomes resulting from decisions made by an organization's leadership regarding its long-term goals, objectives, and competitive position.

Accounting regulations for financial institutions are a set of rules and standards that govern how these institutions record, report, and interpret financial data.

Anti-money laundering (AML) regulations are a set of procedures, laws, and regulations designed to halt the practice of generating income through illegal actions, such as laundering money. The use of open source software may present risks related to anti-money laundering and sanctions compliance, particularly if the software is used to facilitate financial transactions.

Anti-trust laws apply to banks by promoting competition and prohibiting behaviors that restrict it.

Regulated industries need to track communications internally and externally. Keep in mind these broad principles about communication in regulated firms:

These laws require financial institutions to implement measures that prevent, detect, and report suspicious activities or transactions related to the financing of terrorism or terrorist organizations.

Many organisations are bound by what is allowed to cross their borders. For example: in Swiss banks, there are strong controls in place to make sure no data leaves Switzerland. This is a consideration for code too, as code contributed to GitHub is data leaving the organisation and there may be requirements around these obligations.

Cybersecurity regulation refers to legal measures and guidelines designed to protect networks, devices, programs, and data from digital attacks, theft, damage, or unauthorized access. These regulations impose standards, procedures, and responsibilities on individuals, organizations, and governments to ensure the confidentiality, integrity, and availability of digital information and systems.

Export controls are legal and regulatory measures implemented by countries to control the export of sensitive goods, technology, software, and information for reasons related to national security, foreign policy, or economic protection.

Open source software is typically distributed under specific licensing terms and conditions that may affect how the software can be used, modified, and distributed. Compliance with these licensing requirements is essential to ensure that the organization does not infringe on the intellectual property rights of the software developers or violate the terms of the license.

Labour laws apply to all sectors, including banking. While they don't specifically target the banking industry, they do have significant implications for how banks operate and manage their employees.

Leakage of personal information has a knock-on to Reputational Risk and Legal Risk, as explored in the section below. As noted in the BOK activities addressing supply chain security, incorporating secure development into the Software Development Lifecycle is therefore also a compliance issue.

Many countries are prevented from selling into certain territories (US into Iran for example).

Contributing to an open source project from within a regulated firm is likely to contravene one or more policies. Staff who contribute to open source as part of their jobs are likely to be in breach of their terms of employment or likely to get disciplined. For this reason, in order to enable open source contribution, new policy needs to be written which creates space within the compliance landscape.

Managing talent in financial institutions is crucial because the quality, motivation, and expertise of their workforce directly influence the institutions' ability to innovate, maintain a competitive edge, comply with regulatory requirements, and ultimately drive financial performance and growth.

Just as there are many reasons to contribute to open source projects, it is the same when it comes to a financial institution deciding to open-source. However, the reasoning behind might be different.

For a financial services firm, the importance of hosting an artifact repository manager such as JFrog Artifactory or Sonatype's Nexus inside the firm's firewall cannot be overstated.

This article looks at Data Loss Prevention (DLP) software commonly used in financial organisations and how these impact open source consumption and contribution. It is not a complete reference for the subject of DLP generally, but should act as a starting point for understanding the issues involved.

Article covering source and artifact repositories.