Strategic Thought

RM in your Industry >

 Financial Services

The Financial Services industry is under pressure to maintain growth whilst managing the costs of increased regulation. Investor and regulatory pressure is driving focus on risk management to increase accountability and transparency; the pain (cost & inefficiency) of this is growing – especially when solutions are deployed in a piecemeal manner.

Organizations regulated by the Financial Services Authority (FSA) have the opportunity to increase their market value by reaching the required levels of regulatory compliance, achieving positive assessments from rating agencies, and by reducing operational costs.

Across the industry professionals are asking common questions, such as:

• What can we do to generate value as opposed to cost by better managing risk?
• How compliant are we today and tomorrow with market and industry compliance requirements?
• What are the priorities for Risk Management?
• How can we foster a proactive risk management culture within the business?
• Can we meet our requirements with a single approach?
• How do we gain the operational and decision making benefits of a common and aggregated view?
• What does the business expect from technology to support risk management?

By facilitating the management and communication of risk to the right people at the right time in a secure fashion, we have helped our Financial Services customers achieve:

• Demonstrable compliance with changing FSA requirements
• A Long-term forecasted view of the exposure the business faces, taking into account a defined management strategy
• The opportunity to maintain an integrated loss and near misses database to reduce insurance premiums and better understand causal drivers
• Embedded Internal Audit and Compliance within a single process, increasing re-use of consistent information
• The build up of an accessible knowledge base of known risks & successful management strategies
• Improved controls efficiency and accountability
• Reduced business losses and earnings volatility
• The seizing of opportunities and ability to consider potential events rather than just risks.

                                         Download the ARM in FSS Flyer as a pdf from the box on the right