Future of risk management in financial services has been saved
Future of risk management in financial services
Integrating risk management and Agile projects
The pace of change in the financial services industry continues to increase. To keep up, institutions need to find ways to bring new offerings and better experiences to customers quickly and cost effectively. To that end, many have turned to Agile project management. However, the need for speed has not eliminated the necessity for robust risk management. While accelerating the development of new products and offerings, institutions also should ensure that proactive risk management and controls are an integral part of the process and that can present a challenge for Agile projects.
Growing need for speed and flexibility
To speed up projects without increasing risk, institutions should change the way business units and the risk management function work together on projects, and how risk management’s three lines of defense engage with Agile teams.
Interaction and governance. How can risk management best be involved with the Agile project in order to increase efficiency and address risk?
Decision rights. What decision rights need to be given to project participants and to each of the three risk management lines of defense especially the business units?
Talent. What risk management skillsets and organisational structures for the three lines of defense risk governance model are needed, and how should this model be deployed to work effectively with the Agile project?
Tools and accelerators. How can technology enhance risk management’s capacity, capabilities, and efficiency?
Change management strategy. How will the organisation and its people make the transition to integrating risk management and Agile teams?
Published: November 2019