Q. ICT audit? What is audit trail? Usefulness the ICT audit in banking operation. SWIFT and its use in banking application. Discuss online processing and batch processing.
Q. ICT audit? What is audit trail? Usefulness the ICT audit in banking operation.
Auditing involves establishing an organization’s current ICT capacity- what hardware and software an organization has, what skills the workers have etc. An audit trail can be either a paper or electronic trail that provides documented history of a transaction in a company. An audit trail allows an auditor to trace the financial data from general ledger to the source document (invoice, receipt, voucher, etc.).
Auditing involves establishing an organization’s current ICT capacity- what hardware and software an organization has, what skills the workers have etc. An audit trail can be either a paper or electronic trail that provides documented history of a transaction in a company. An audit trail allows an auditor to trace the financial data from general ledger to the source document (invoice, receipt, voucher, etc.).
Usefulness:
1) To make the most of volunteers' time it is better if a project is properly defined, rather than having a volunteer turn up for a specific job and find out that the scope of the work is wider or has additional problems.
2) It is also important that ICT help given be used sustainably by an organization. This means that a project should be well defined and the organization should know what skills it will need to have/acquire in order to make the most of completed work.
3) Finally, it is useful if an organization has had some help considering what information it wishes to make available to the community it serves and in what format.
1) To make the most of volunteers' time it is better if a project is properly defined, rather than having a volunteer turn up for a specific job and find out that the scope of the work is wider or has additional problems.
2) It is also important that ICT help given be used sustainably by an organization. This means that a project should be well defined and the organization should know what skills it will need to have/acquire in order to make the most of completed work.
3) Finally, it is useful if an organization has had some help considering what information it wishes to make available to the community it serves and in what format.
Q. SWIFT and its use in banking application.
The Society for Worldwide Interbank Financial Telecommunication provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. The majority of international interbank messages use the SWIFT network. SWIFT transports financial messages in a highly secure way but does not hold accounts for its members and does not perform any form of clearing or settlement. SWIFT does not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features. SWIFT hosts an annual conference every year called SIBOS which is specifically aimed at the Financial Services industry.
Q. Discuss online processing and batch processing.
Online Processing or Interactive: Definition: Data is processed immediately while it is entered, the user usually only has to wait a short time for a response. (Ex. games, word processing, booking systems). Interactive or online processing requires a user to supply an input.
Advantages: Interactive or online processing enables the user to input data and get the results of the processing of that data immediately.
Batch processing: Definition: To process a large set of data in a specific way, automatically, without needing any user intervention. The data is first collected, during a work day, for example, and then batch-processed, so all the collected data is processed in one go. This could happen at the end of the work day, for example, when computing capacities are not needed for other tasks.
Advantages: It is possible to perform repetitive tasks on a large number of pieces of data rapidly without needing the user to monitor it.
Real time Processing: Real time processing is a subset of interactive or online processing. Input is continuously, automatically acquired from sensors, for example, which is processed immediately in order to respond to the input in as little time as possible. After the system is finished responding it reads the next set of input data immediately to process that. This system doesn't need a user to control it, it works automatically.
Advantages: Whenever there is a rapid reaction required due to some sort of change, real time processing can take action without the need of a user or long processing time beforehand.
The Society for Worldwide Interbank Financial Telecommunication provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. The majority of international interbank messages use the SWIFT network. SWIFT transports financial messages in a highly secure way but does not hold accounts for its members and does not perform any form of clearing or settlement. SWIFT does not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features. SWIFT hosts an annual conference every year called SIBOS which is specifically aimed at the Financial Services industry.
Q. Discuss online processing and batch processing.
Online Processing or Interactive: Definition: Data is processed immediately while it is entered, the user usually only has to wait a short time for a response. (Ex. games, word processing, booking systems). Interactive or online processing requires a user to supply an input.
Advantages: Interactive or online processing enables the user to input data and get the results of the processing of that data immediately.
Batch processing: Definition: To process a large set of data in a specific way, automatically, without needing any user intervention. The data is first collected, during a work day, for example, and then batch-processed, so all the collected data is processed in one go. This could happen at the end of the work day, for example, when computing capacities are not needed for other tasks.
Advantages: It is possible to perform repetitive tasks on a large number of pieces of data rapidly without needing the user to monitor it.
Real time Processing: Real time processing is a subset of interactive or online processing. Input is continuously, automatically acquired from sensors, for example, which is processed immediately in order to respond to the input in as little time as possible. After the system is finished responding it reads the next set of input data immediately to process that. This system doesn't need a user to control it, it works automatically.
Advantages: Whenever there is a rapid reaction required due to some sort of change, real time processing can take action without the need of a user or long processing time beforehand.
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