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Risk management software for banks

For banks, the risk environment has changed drastically over the past few years. Changing and complex regulations and growingly digital and multi-channel data volumes are just some of the forces driving change, and the risks are numerous. Cyber security threats, changes in customer expectations, regulatory changes for data privacy and compliance, third parties such as partners and even customers, world events and political changes all pose risks that, if not properly managed, can cause concrete and serious damages for a banking and financial organizations. (See the main risks according to Forrester Research in Figure 1 below).

What if you could help your organization mitigate or completely avoid all of these risks?

Figure 1

Risk management software for banks have the goal of supporting analysts and security managers in identifying potential threats and reducing their negative impact on the business.

But let’s go back and analyze the context a little deeper.

Main steps and barriers in the risk management process

The process of enterprise risk management (ERM) has several phases, including establishing the context of the risk, and the identifcation, analysis, evaluation and treatment of risks.

Figure 2

The ERM process in the competitive fintech market depends on information in a variety of formats available from a wide range of sources. Sources such as news articles, annual report data, emails, transactions and countless online sources are available for analysis on any given day. Risk management software for banks, which collect and analyze unstructured information, provide a great advantage: a wealth of diverse financial intelligence information is immediately available for a real-time, customized view of macro scenarios, stocks and all of the assets that you manage.

Although the benefits of these solutions are clear and self-explanatory, organizations in general (including banks, insurance and financial organizations) admit that there are many barriers to effectively managing the risks they face.

 Figure 3

How Expert System’s risk management software for banks make risk assessment more effective

The good news is that when it comes to barriers imposed by technology, many of these challenges can be easily overcome.
Expert System software, based on artificial intelligence (AI) algorithms enables the implementation of new risk management solutions and techniques and helps risk managers improve decision making, reduce the time and costs of information management, and ensures that any potential risk is on the radar.

Thanks to superior Artificial Intelligence capabilities and the ability to read and understand written language on any scale, Expert System’s Risk Management Software for banks supports analysts in acquiring and analyzing a wide variety of unstructured information from internal and external sources to track and identify issues of relevance, critical events and even weak signals in information. Expert System AI solutions do more than just bring data and information together. They analyze and filter information, providing banks with actionable, timely and comprehensive intelligence.

These tools are designed to make risk assessment more effective and improve the accuracy of risk models. Thanks to advanced technologies, organizations benefit from enhanced, strategic performance in terms of control enforcement, GRC (Governance, risk management and compliance) intelligence and risk optimization.

Figure 4

Explore Expert System solutions for Risk Management in banking and finance and contact us for a demo to learn more.

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