Banks and Financial Services
Banks and financial services firms must manage and mitigate multiple regulations as a result of the changing demands of stakeholders, such as shareholders, regulators and credit rating agencies. The financial services sector was among the first industries that realized the importance of risk management. Being “in control” of their enterprise’s risk management and regulatory compliance is essential to the survival of a banking or financial services company in today’s dynamic economic climate.
Many well known banks and financial services are using BWise to manage and mitigate compliance with financial regulations and serve stakeholders with more transparent insight into operations. BWise is used to assess and analyze risks as part of the corporation’s risk management diligence and administer governance programs such as, corporate policies and procedures, and legal and entity management.
Operational Risk Management
Operational Risk Management (ORM) is one of the key elements with respect to integrating risk management practices into people, processes and systems within financial services companies. BWise covers all aspects of integrated risk management, ranging from initial risk identification, through risk assessment and evaluation to risk mitigation and monitoring, tracking and managing incidents, and ensuring proper follow-up and integrated reporting. Following ISO 31.000 ERM methodology, COSO ERM and many other risk methodologies, BWise clients keep a keen eye on their key organizational risks at all levels.
Industry specific knowledge and content
Regulations such as Sarbanes-Oxley and Dodd-Frank in the United States and Bill 198 in Canada are being managed by our clients. On BWise Web TV and in our reference cases you can watch and read how our customers manage other industry specific regulations such as Basel III for European banks with BWise GRC software.
Benefits for banks and financial services
With the BWise integrated platform for enterprise Governance, Risk Management and Compliance, clients are able to turn the burdens of compliance, risk management and corporate governance into a strong driver for compliance cost reduction, sound risk management and process optimization.