March 7, 2019 | Written by: John Kelly
Categorized: FinTech | IBM RegTech Innovations
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In a business environment defined by sustained market volatility and ever-increasing regulations, companies need the ability to integrate enterprise-wide risk management processes and multiple regulations. Continuing to use inflexible, non-scalable, disparate, and outdated siloed solutions is clearly not the way forward as it only increases cost without giving much visibility and control.
So, how do organizations enable a programmatic method to deal with business uncertainty and the associated risk and opportunity through a full engaged 3 lines of defense? How can they integrate a next-gen flexible enterprise GRC solution with modular framework that uses technologies like AI, machine learning, NLP, and advanced analytics to leverage their existing investments in risk and compliance while building a fully integrated GRC system, lowering total cost of ownership (TCO)? What tools and processes do they need to have a more engaged and empowered first line?
Recently, a group of experts from Promontory Financial Group and IBM Watson Financial Services held a discussion on this very topic (replay available here).
Among the key takeaways were:
- The importance of bringing intelligence into the GRC system so as to improve proactiveness in an integrated way
- Risk cannot be seen as someone else’s job. It is both essential and the responsibility of everyone across the organization
- Why organizations need to focus on activating and empowering their first line of defense with simplicity and a great user experience design (UXD)
- The speakers also recorded a short podcast on some of the topics discussed.
For more information about the IBM RegTalk Webinar series, please visit: ibm.biz/RegTalk.