 |
|
|
|
|
|
|
|
|
|
| |
Competitive and regulatory drivers including BSA, the Patriot Act, Basel II, and Sarbanes-Oxley have increased pressure on executives requiring them to understand and manage risks more accurately and effectively. Top-level executive mandates for risk and compliance include:
- Protecting Reputation & Brand
- Meeting Current & Future Regulatory Requirements
- Providing Visibility into Possible Risks and Limiting Actual Losses
- Faster Response and Recovery Regarding Risk
- Maintaining and/or Improving Customer Satisfaction
- Maintaining and/or Improving Quality & Productivity of Risk Management Processes
But, satisfying these mandates presents three core challenges to risk and compliance officers:
1. Detecting risks is not sufficient. How will you manage and respond to them?
2. In the face of changing regulations and cross-departmental systems, how will you obtain all the information?
3. The lack of a common framework leads to many  'point solutions', redundant investment and effort
Information Silos:
A data source that is separate from other systems and data sources in an organization. It is not correlated with any other information and usually has an application to which it feeds data. |
“Companies that select individual solutions for each regulatory challenge they face will spend 10 times more on IT portion of compliance projects than companies that take on a proactive and more integrated approach.”
-Gartner
|
| |
Digital Harbor leverages financial institutions’ investments in 'point solutions' that detect possible risks, with holistic solutions to help them investigate, manage and respond.risk_man.gif
The solution includes integration of all related data, documents, images, emails and web content; and it provides case management and investigation, forensics, regulatory reporting and monitoring dashboards.
The purpose of the solution is to more effectively and efficiently manage risks by seamlessly linking real-time information from many places into a single, contextual view that can be shared and acted upon.
- Dashboards (monitor risks)
- Work queues for activity monitoring (operational)
- Compliance scorecards (tactical)
- Key risk indicators (strategic)
- Investigation & case management (understand risks)
- Deliver all information on one screen
- Achieve efficiencies by replacing manual steps with automated steps
- Implement controls by automating processes and collaboration
- Manage regulatory pressure with effective investigations
- Comply with auditing requirements
- Regulatory reporting and action (respond to risks)
- SAR (suspitious activing response) filing
- Enforcement action
- Tune detection software
|
|
The Benefits |
The benefits of a holistic approach to risk and compliance can be classified along seven dimensions: |
Efficiency |
Achieve deeper risk coverage with same resources and reduce cycle time to process alert queue by 50% |
Effectiveness |
Reduce risk of fines and reputational damage through investigations to eliminate false positives and negatives |
Governance & Controls |
Process fragmentation creates opportunities for controlling deficiencies |
Performance Management |
Understanding risk and compliance performance requires a composite picture |
Organization Utilization |
Enable the same people to accomplish more with fewer resources required to manage thier workload and handle attrition
Point Solutions:
An individual application designed to address a very specific problem, usually not integrated with other systems. |
|
TCO |
Eliminate redundant effort and redundant data by logically mapping to all your data sources |
Convergence |
Leverage the same data and functionality across information silos to improve overall efficiency and effectiveness |
|
|
More Information |
Visit our download center for a brochure on Risk Management & Dashboards for Compliance, KYC & EDD.
|
|
| |
| |
