Moreover, Meyer (2000) described the context wherein this study will be conducted in the premise of the budding field of IT risk management. As the author illustrated, it is quite fortunate for most companies today that the advancements of information technology have contributed greatly to the business sector. IT has been responsible for the low cost of acquisition, management, and data analysis/mining. It also enabled continuous advancements in the risk management discipline.
Nevertheless, more and more financial institutions globally are slowly focusing on IT risk management for the purpose of building more efficient and secure financial services. Most importantly, this practice enables these companies to prepare in their full participation in the global economy of the world (Meyer, 2000).
But amidst this globalization context, the increasing importance of the IT risk management function and the “globalization of Information Technology” context, many issues are currently being faced by a majority of global financial institutions and among these issues is the major problem of the lack of an appropriate and effective organizational design and its determinants for the IT Risk Management (ITRM) function for most multinational global financial institutions which serves as the major hindrance of these financial institutions from fully functioning well and responding to the needs of its clientele.
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