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The Future of Risk Management
Our clients are facing unprecedented challenges responding to changing regulatory pressures in an efficient and effective manner. Transforming how the Risk function operates, how it is organised, how it interacts with business stakeholders, and how Risk professionals leverage technology, data and analytics innovation, can help address these challenges. Whether you are a Chief Risk or Compliance Officer, a Chief Operating Officer or Chief Information Officer, Risk and Compliance Transformation is likely to be top of your agenda.
What Is Risk Transformation?
As organisations complete regulatory change and remediation programmes, their focus in Risk is shifting towards operational and financial optimisation challenges. These range from regulatory and cost pressures to supporting risk management growth ambitions through automation and better use of data.
Risk functions need to react to these new challenges to operate effectively and efficiently as well as revisit their operating model to provide a more ‘connected flow’ model. Risk Transformation provides an organisation the opportunity to achieve these goals while complying with regulations and managing risks.
How Can We Help?
Deloitte has a set of propositions, assets, and enablers ready to support you on your Risk Transformation journey. These include:
- Target Operating Model
Firms are facing growing challenges in outdated and inefficient operating models, often fragmented with pockets of duplicated activity and a lack of clarity in accountabilities. We work with our clients to help define a refreshed target state outlining the Capability, People, Frameworks, Technology and Data needed to face into the future of Risk.
- Cost Reduction
Increasing the efficiency of risk management, and doing more with less is now more critical than ever. We work with our clients to understand the drivers of cost, de-duplicate processes, and standardise then automate across risk. We help them identify a series of cost saving opportunities (from quick wins to more strategic), which can result in increased capacity and improved turn-around times
- Technology & Digital innovation
Many second line functions struggle to keep pace with the business and the changing demands from customers and the market. There is a need to introduce more advanced technologies, wider use of software and solutions, with a more modernised digital skillset, across the second line. We work with our clients to introduce new technology solutions and platforms to enable improved automation of risk processes, better workflow and collaborations across the organisation, to support more effective risk and compliance management.
- Data Analytics
Poor quality data, a lack of data transparency, and limited insight into the effectiveness of risk management are big challenges. We supported our clients through risk data transformation, introducing cloud data repositories of high quality, highly available, trusted data from a variety of internal and external data sources. When combined with advanced analytics, AI and self-service capabilities, this helps improved insight and reporting across financial and non-financial risk.
Which Leaders Are Focused On Risk Transformation?
Risk Transformation impacts leaders across Risk and the business:
If you would like to hear more about Risk Transformation or discuss any of the points highlighted above, please reach out to Stephen or Andrew using the contact details below.
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