Operational Resilience: Turning a New Regulatory Standard into an Opportunity
Operational resilience has been a hot topic in the global banking community. However, in many ways, the industry is simply being asked to asked to more effectively reduce operational risk while capitalizing on opportunities for growth. This will lead to better outcomes not only for regulators, but for customers, employees, and shareholders alike.
To realize these benefits, regulated organizations need to leverage tools and techniques beyond the traditional banking operations and process improvement toolkit to achieve strategic initiatives:
Strengthen operational resilience - The key requirements for this objective include ensuring organizations understand and monitor their risk profile, ensuring the control environment is adequate and taking a proactive approach to incident management.
Improve business continuity planning - The primary requirement for this objective is to ensure continuity of service during a disruption for critical operations. It is motivated by the progressive shift to digital operations and customers’ expectations that services will always be available.
Enhance third-party risk management - The third objective is in recognition that in many cases critical operations are supported by a complex ecosystem and the level of risk is dependent on not only third parties but also their suppliers.
Operational Resilience: Turning a New Regulatory Standard into an Opportunity delves into the advantages of leveraging Process Mining as a strategic tool for operational risk reduction and resilience. Read how to seize the opportunity presented by new regulations to reduce costs (including operational risk capital), improve customer satisfaction, and reduce the level of regulator intervention.
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