In my previous post we looked at the importance of crafting the right digitally-enabled risk management approach—a forward-looking strategy that helps encompass the rapid pace of technology change.
But just how do we get there?
At RiskMinds International, I offered some of the groundwork that banking risk leaders should cover to build a sound, forward-thinking strategy. Here are some of the key themes:
- Governance will be fundamental to supporting good conduct throughout the organization and helping to achieve compliance.
- Data and technology bring with them a host of concerns, ranging from preventing cyber crime to tapping the right and consistent data sources.
- Process is where the rubber hits the road. Speed and accuracy are fundamental to positioning firms for success in a digital environment.
Process considerations are perhaps the most complex, reaching all across the organization. In this brief video you can see more of the dynamics around building processes designed for speed.
Risk leaders have a lot to think about as they position banks and financial services providers to thrive in a digital world. Status quo approaches won’t, and can’t, work. It is time to meet disruption with disruption and move the risk management function into the future.