September 12th, 2019
The Future Of Technology Enabled Financial Risk Management
By Jessica Hall
Forget the old adage. What you don’t know CAN hurt you.
In these fast-moving technologically driven times, businesses and institutions in the financial services sector are experiencing technological growth at an exponential rate. However, their risk management tools aren’t necessarily keeping up. That means many are being left behind when it comes to collecting and storing a growing amount of data. Not to mention, having the right measures in place to protect and analyse such data.
However, there is a range of flexible and scalable tools available that allow organisations to obtain infrastructure growth with the appropriate financial risk management. For example, SaaS (software as a service) is a cloud-based software distribution model that allows a third-party provider to host applications and make them available to customers and clients online. Thus, greatly simplifying operations. Those that put off adopting technologies such as these not only put their data at risk but also their bottom line.
When considering the cost of network management software, it is important to remember the costs that will be incurred by not acting. Security breaches and loss of clients to competitors who are moving ahead of you are just a few of the negative impacts. Tools like Open-AudIT Cloud from Opmantek are great risk management tools for the financial sector that optimise enterprise growth.
If you are in banking, accounting, or finance there are a number of key issues threatening your ability to succeed in business. According to IBM, these include:
– Increasing regulation in various business areas.
– Increased expectations in regard to transparency and profitability.
– Exponentially increasing data volumes.
– Advanced technological sophistication.
In short, it can be hard to keep up with the rapidly expanding amount of data, the rules that govern data, and the technology used to manage it. One of the key benefits of adopting open-source cloud software for your network management, such as the offerings from Opmantek, is that you will transform and modernise out of date systems. Optimising infrastructure is vital to manage and foresee the issues that affect every financial business in 2019 and beyond.
The sector has already seen the rapid adoption of tools like Fintech and Regtech, which has created an opening for firms to adopt information-led strategies. Ultimately, this results in rapid growth and market share domination, while also mitigating risk and adhering to compliance. Over the last five years, there has also been a rapid expansion in the use of AI for voice recognition and the determination of user intent. Therefore, the financial sector is poised to revolutionise the way it approaches financial risk management in the wake of ever-evolving technologies.
Automation of workflow and robotic process automation (RPA) tools are making advanced cloud analytics a necessity for network management. Using advanced cognitive analytics allows for the integration of cross-organisation data on scales never before believed possible.
Alongside all this growth we are seeing increased regulatory scrutiny, which is the most important reason to stay ahead of the game when it comes to data. The need for advanced analytics and stress testing has the potential to push traditional infrastructure beyond its capabilities.
That is where products from Opmantek come in.
Improving your audit results are integral to leading the way with technology. Opmantek’s suite gives you the power to develop processes without arduous strain on your staff. You can automate compliance and can track your assets easily from the cloud, anytime, anywhere. A standardised approach means your technology becomes part of your asset management life cycle. The best part is that these tools increase your capabilities by making your life easier. They take the stress out of financial risk management.
Companies and firms that choose not to act in the face of technological advancement will find themselves trying to catch up as they encounter countless hurdles and learning curves. Technological growth in the financial sector shows no sign of back peddling, so there is no use trying to ignore IT and system complexity.
It is recommended that traditional infrastructure and workflow tools are integrated with leading practice such as Opmantek’s opConfig and Open-AudIT especially. These are not only going to revolutionise the way you see data but are some of the easiest products to use on the market. Don’t just trust us, see for yourself.