2. Aninformation system(IS) is an organized system for the collection, organization, storage and communication of information. More specifically, it is the study of complementary networks that people and organizations use to collect, filter, process, create and distribute data. An information system (IS) is a group of components that interact to produce information. It focuses on the internal rather than the external.

This was a quote from the Chief Operations Manager of your bank. You have been asked to explain this quote to the Operations team of the bank. Provide your explanation under the following headings:

a) What is an IS and name any three (3) components? (5 marks)

b) What are the functions and controls in an IS? (5 marks)

c) Who are the users of an IS? (5 marks)

d) Discuss how information may be effectively deployed to promote competitive business practices in the bank?