Risk and Compliance SCREAM HOLISTIC

The Impossible Isn’t Your Fault

The challenges you face as a risk and compliance professional reflect forces beyond your control.  You’re between an accelerating expansion in technology – which offers new avenues for misbehavior  - and a rising tide of regulatory expectations.  It’s a classic problem of supply and demand.

Start with the supply-side.  Combine the human resources, known information resources, and the technology solutions you deploy for risk and compliance (R&C), and you essentially determine your supply of time to monitor, investigate, and react.  Finding qualified R&C professionals has never been more difficult.  Information has never grown faster.  And solutions have never been more difficult to replace.

On the other side, the forces of technology expansion and regulatory expectations ratchet demand higher, without pause.  The result is just what Adam Smith would predict –the price, or cost, of mediating risk and assuring compliance will rise faster than the aggregate amount of mediation and assurance services provided.  The bottom-line challenge, rapidly rising R&C costs, is market-determined.  It’s not your fault.

But…the Possible Is Your Opportunity

What if … what if you could effectively triple or quadruple the total productivity of your R&C resources, essentially reducing costs by 75%.  For many reading this post that would amount to real money, a lot of real money.  Have I got your attention?

Organizations have responded to the demand for R&C services, and the timing of new regulatory frameworks, by deploying best-of-breed point solutions.  The natural consequence has been the creation of standalone, isolated silos – with limited or no integration designed to increase analyst productivity.  But while a patchwork of regulatory frameworks might be clear on paper, integrating them into a productive R&C tool has proven difficult and expensive.

An emerging category of data integration capabilities are surfacing – with the potential for resolving the time and resource costs associated with collecting R&C information across individual, legacy solutions.  These capabilities can find, organize, and generate summaries R&C case information- regardless of where it’s stored – in seconds.  Real world benchmarks substantiate total time savings of 75%-80% for R&C staff – as well as greater accuracy/fewer mistakes.  Interested?

Step One …

In order to generate consistent, helpful R&C case studies, the first step is comprehensive knowledge of every data source and how it might fit into the case review process.  As more and more organizations adopt Hadoop-based strategies for their Big Data gathering – creating proverbial ‘data lakes’, the need for deciphering what’s in the lake and how it’s potentially interrelated becomes more important.

How can you understand what’s readily available for automatically preparing your R&C case summaries?  Use the semantic data catalog to unify every application and repository into a single, universal catalog that contains a semantic understanding of every source.  Check out the Webinar below to learn about this exciting new technology that’s already changing R&C productivity at two of the top five global banks.

… Next time – Step Two.