Banks must manage and mitigate multiple facets of risk as a result of increasing competition and changing stakeholder (shareholders, customers, vendors/3rd parties, regulators, and rating agencies) demands. These risks include not only the traditional risks, like processing, information technology, and people, but is bringing on a new set of risks such as cyber, 3rd party management, and conduct risk. Moreover, regulatory pressures and expectations continue to force already lean compliance functions to work smarter and more productive.
The impacts can be significant – shareholder value lost, a damaged reputation, lost customers, regulatory fines, and class action lawsuits. Having a robust GRC solution to enable the management of risk is essential to allocate limited resources, maintain conformance, and outperform the competition.
All sized banks (from community banks to large, multi-national) are using BWise to manage and mitigate their risks with greater transparency. BWise is used to support the company’s risk management framework in the assessment, analysis, and reporting on risk. It also has the capabilities to administer the risk governance process from corporate policies and procedures to legal and entity management.
Operational Risk Management
Operational Risk Management (ORM) is one discipline where risk is managed across the business as well as a number of functions. BWise is able to integrate these array of practices into a single platform enabling the efficient capture, mining, analysis, and reporting of risk data. Moreover, the BWise solution has the ability to incorporate leading class frameworks (yet is flexible enough to use other methodologies such as Basel, COSO, or ISO) to cover all program aspects. This includes risk identification, assessment and evaluation, mitigation and monitoring, tracking and managing incidents, action follow-up, to real-time configurable dashboards and reporting.
Our solution also offers a complete set of quantitative risk modeling capabilities. These can be used to assist in the calculation of an operational Value-at-Risk (VaR) for holding and allocating economic and regulatory capital, cash flows at risk (CFaR), stress testing and scenario analysis, and project management.
Compliance management is probably one of the most complex processes for banks to implement and sustain. Every aspect of the business is affected, ranging from product creation to approval, Know Your Customer (KYC), Anti-Money Laundering (AML), and Basel requirements, from first line conduct, to business continuity, to complaints management. The list goes on. Moreover, the financial crisis has further increased pressure on banks, as have customers. Simultaneously, industry expectations continue to mature. For example, rapid evolving technology is requiring banks to change at a higher pace now more than ever.
These changes and expectations require compliance departments to have a robust GRC technology to support the compliance management process. This includes such items as strong policy management, including regular policy attestation, regulatory change management, regular compliance assessments, integration with underlying (internal and external) data sources, and advanced data analysis. These activities will improve quality, reduce cost, and assure compliance.
Banking specific solutions
BWise’s Governance, Risk, and Compliance (GRC) solutions are designed to cover the critical risk management aspects affecting the financial services industry. Moreover, we have a highly functional user interface and configurable platform that makes tailoring the technology to your institution’s approach easy. In our reference cases you can read how our customers use the BWise GRC software to successfully implement and sustain the activities of their risk management programs.
BWise’s holistic, easily configurable, and integrated platform enables organizations to turn their risk management activities into value drivers. We have seen organizations use our solutions to reduce the burden of conformance, provide insight into operations and 3rd party activities, incorporate and utilize external data feeds to manage specific risks like cyber and compliance, and control optimization.
Case study – The Arab Banking Corporation enhanced its Risk & Control performance with the BWise GRC platform.
Case study – Multinational banking and financial services company keeps up with the rapidly changing regulatory environment using BWise solution.
Case study - Robeco effectively meets compliance requirements and gains visibility on risks across the organization with BWise.