Banks have typically addressed compliance with a ‘silo’ approach. Their different departments frequently undertake compliance and risk activities using different datasets. As a result, financial organizations find themselves managing governance, risk, and compliance (GRC) initiatives discretely and in an uncoordinated manner when risks are interdependent, and controls are shared across the organization. Additionally, parallel compliance and risk initiatives lead to duplication of efforts and cause the cost of compliance to spiral out of control.
Banks can improve compliance effectiveness economically by taking an integrated GRC process approach and deploying a single system that helps in managing the multiple GRC initiatives. Also, an integrated GRC approach enables a coordinated and cross-organizational approach to risk management. Subsequently, GRC initiatives are aligned centrally with corporate governance and reporting but are distributed to lines of business to assign ownership, execution, and accountability.
Technology is assuming a key and enabling role in delivering sustainability, consistency, efficiency, and transparency across this federated GRC process and organization. Leveraging advanced data management tools and processes, the banks can transform the role of compliance. Modern information management solutions that enable web and mobile capture can help financial services compliance departments get their job done at a lower cost. They are well-suited to help transform document and data management-heavy departments such as regulatory compliance via improved workflow automation.
Our sincerest effort is to help banking professionals make informed decisions regarding solutions that help them untangle intricacies in risk and compliance. To tread on the right path, Banking CIO Outlook has become the torch bearer in the risk and compliance landscape. To help CIOs navigate this landscape, our distinguished selection panel, comprising CEOs, CIOs, VCs, industry analysts and the editorial board of Banking CIO Outlook has selected the Top 10 Risk and Compliance Solution Providers that exhibit competence in delivering solutions and services.
We present to you Banking CIO Outlook’s ‘‘Top 10 Risk and Compliance Solution Providers - 2018.’’
