For banks globally, 2019 could be a pivotal year in accelerating the transformation into more strategically focused, technologically modern, and operationally agile institutions, so that they may remain dominant in a rapidly evolving ecosystem. This metamorphosis is far from easy as most banks grapple with multiple challenges: complex and diverging regulations, legacy systems, disruptive models and technologies, new competitors, and, last but not least, an often restive customer base with ever-higher expectations.
As users of many risk management systems over the years, we have found them lacking important desired features and functionality, so we have set out to build a better solution. Our strong understanding both of risk management practices and technology, our ability to think strategically and at the same time to participate directly in the product development have allowed us to:
Develop workable solutions in addressing industry ‘pain points’, e.g. a set of data quality assurance steps, largely underestimated by our competitors; we don’t take “garbage-in, garbage out” as a foregone conclusion
Come up with technical solutions - e.g. NLQL, a framework for risk data query in a language close to ‘natural language’
Make meaningful use of emerging technologies – e.g. use of private blockchain solution for data lineage management
Emphasize providing a decision-making solution that goes well beyond the typical reporting tools that most current solutions offer; go from ‘what is the size of my risk’ to ‘how can I best restructure my portfolio to maximize my capital efficiency?’