Risk Management Technology

Written by Yvette Dubel
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It has bee reported that financial institutions invest about $10 million per year into risk management technology solutions. For larger organizations, the amount could be ten times greater. It would not be an understatement to say that everybody is using it. However, few are able to define what "risk management" means.

According to those who set the industry standards, risk management technology is the technology infrastructure required to facilitate a complete perspective of risk and threats. This is a valuable tool for mission-critical decision makers. Tools like that show where risk management technology can be used to act on strategies for market penetration.

Afterthoughts

Risk management technology offers solutions to address your concerns and needs across an enterprise. A proper evaluation requires an actual assessment. It should be based on your clear view of your risk management needs. When you begin that process, please consider the following questions: What kind of risk management technology should your firm be considering? How do independent vendors stack up in comparison to shifting list of industry needs? What happens if you don't make this investment in risk management technology?

What are the crucial infrastructure mechanisms to put in place to guarantee the litheness and scalability of your risk management technology solution? If operational risk systems can be deployed, do you need risk management technology that will accomplish multiple regulatory requirements? Also, how should existing risk management technology evolve to meet the requirements of users for the near term and over the next decade?


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