XN000022-1990-09-27 — Page 3

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THURSDAY, SEPTEMBER 27, 1990

HE SAID THAT THE PRIMARY RESPONSIBILITY BANKS' ELECTRONIC DATA PROCESSING (EDP) SYSTEMS WERE PROTECTED AGAINST FOR ENSURING THAT THESE RISKS MUST REST WITH MANAGEMENT.

ΤΟ

"IT IS THEY WHO MUST DEVISE ADEQUATE PREVENTATIVE MEASURES MINIMISE THE PROBABILITY OF SUCH EVENTS AS WELL AS MEASURES TO CONTAIN AND REDUCE THE IMPACT OF SYSTEMS FAILURE AS AND WHEN IT SAID.

OCCURS, HE

17

MR

NENDICK NOTED HOWEVER THAT BANK SUPERVISORS ALSO HAD

THEIR

PART TO PLAY.

++

INSTITUTION'S

AN

IN

*THEY NEED ΤΟ BE ABLE TO EVALUATE BOTH THE ADEQUACY

EDP POLICY

OF AND ITS INTERNAL SYSTEMS, DRAWING ON THEIR OWN EXPERTISE AND UPON EXPERIENCE GAINED

CONTROL AND SECURITY EXAMINING THE SYSTEMS USED BY OTHER MEMBERS OF THE BANKING SYSTEM.

"HERE IN HONG KONG WE HAVE ALSO HAD RECOURSE TO THE

ENCOURAGING

OF EXTERNAL AUDITORS,

EXPERTISE

INTERNAL CONTROL SYSTEMS, INCLUDING EDP SYSTEMS, AS PART AND PARCEL OF THEM TO REGARD THE REVIEW OF THEIR AUDIT PROCEDURES,

11

HE SAID.

CALL TO LAUNCH COMMUNITY-WIDE EDI SERVICE FOR HK

THE SECRETARY FOR TRADE AND INDUSTRY, (THURSDAY) URGED THE WIDER BUSINESS COMMUNITY TO JOIN

MR JOHN CHAN, TODAY IN LAUNCHING

THE GOVERNMENT DATA INTERCHANGE (EDI)

A

COMMUNITY-WIDE ELECTRONIC

SERVICE FOR HONG KONG BEFORE IT IS TOO LATE.

SPEAKING AT THE SECOND ASIA PACIFIC CONFERENCE ON EDI THE HONG KONG CONVENTION

HELD IN AND EXHIBITION GOVERNMENT COMMITMENT ALONE TO MOVE IN THAT DIRECTION WAS NOT ENOUGH.

CENTRE, MR CHAN SAID

"EVEN IF WE ARE JOINED IN THIS COMMITMENT BY SOME OF THE ORGANISATIONS IN THE BUSINESS COMMUNITY, IT IS STILL NOT ENOUGH.

"I URGE THE WIDER BUSINESS COMMUNITY ΤΟ JOIN COMMITMENT," HE SAID.

MAJOR

US IN THAT

MR CHAN SAID ONE OF THE ESSENTIAL REQUIREMENTS TO REMAIN A KEY PLAYER IN THE

FOR HONG KONG INTERNATIONAL ABILITY TO STAY IN LINE WITH INTERNATIONALLY ACCEPTED TRADING

TRADING ARENA WAS THE AND PRACTICES.

METHODS

HE SAID EDI WAS HAPPENING AND IT WAS BIG WAY IN HONG KONG'S MAJOR EXPORT MARKETS.

ALREADY

HAPPENING

IN A

"ITS IMPACT ON HONG KONG IS BEGINNING TO BE FELT. UNTIL OUR TRADING PARTNERS DEMAND EDI, IT WILL BE TOO LATE,

IF WE WAIT

HE SAID:

"

/MR CHAN