Transforming the risk management function

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Man working on touchscreen interfaceFinancial services is in the midst of a radical transformation, with customers demanding more options and demanding them more quickly. The speed of this transformation and the technologies enabling it require a very different approach to risk management capable of supporting new business models in real time and adding value to enterprises that can anticipate and respond to customer needs in a digital world.

Currently, though, banks still:
  • Lack consistent definitions or accepted metrics of risk management effectiveness
  • Too often rely on traditional measurements, such as regulatory observations and fines
  • Lack the appetite for investment and innovation necessary to transform their risk functions

The transformed risk management function will create value by empowering growth and profitability. It will:
  • Be digital and leverage new technology and analytical tools
  • Look beyond compliance and risks with direct financial impact to address risks resulting from changing business models
  • Be driven by a dedicated C-level leader who can drive consistency and change across the organization
Read the full article on how to transform.

Key factors to transform the risk management function

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