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Danske Bank to improve IT governance following FSA inspection

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By Reuters
Danske Bank to improve IT governance following FSA inspection
FILE PHOTO: A Danske bank sign in Copenhagen, Denmark October 22, 2019. REUTERS/Nikolaj Skydsgaard/File Photo   -   Copyright  Nikolaj Skydsgaard(Reuters)
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COPENHAGEN (Reuters) – Denmark’s biggest lender Danske Bank <DANSKE.CO> said on Monday it would improve governance of its IT systems following an inspection of the systems by the Danish Financial Supervisory Authority (FSA).

“We are taking the FSA’s report into consideration and will undertake the necessary measures to ensure compliance with its orders,” Danske Bank said in a statement.

The FSA said in an inspection report published on Monday it had found “significant weaknesses in its governance of IT security and risks.”

The FSA also ordered Danske Bank to increase its so-called pillar II capital requirements by a minimum of 2 billion Danish crowns (229 million pounds) which it said Danske had already done in the third quarter of this year

(Reporting by Nikolaj Skydsgaard and Stine Jacobsen; editing by Jason Neely)