Why Banks Need an Effective Enterprise Risk Management System?

Posted by: Andrew Hunt

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Financial institutions are going through a large number of regulatory changes. Risk losses have been in the billions of dollars in recent years. The greatest challenge financial organizations face today is the need to adapt quickly and effectively to an ever-changing business environment.

Why banks need an effective enterprise risk management system

Antiquated banking compliance tools are ineffective in today’s sea of regulations since they were only developed for rudimentary compliance workflows. Banks today need an effective enterprise risk management solution that accesses the environmental, financial, legal, reputational, and safety impact and likelihood of a risk at the business unit level and identifies, quantifies, monitors, and manages risk effectively. They need a fully-integrated ERM solution, which facilitates them to minimize risk and make strategic decisions.

A fully-integrated Enterprise Risk Management Solution helps banks achieve the following:

  • Aligned risk appetite and strategy
  • Enhanced response to risk
  • Reduced operational risks and losses
  • Improved resource allocation with access to robust risk information
  • Seizing opportunities with improved visibility into a full range of events
  • Identification and management of multiple and cross-enterprise risks

Predict360, Bank Enterprise Risk Management Software, is a regulatory risk and compliance software to streamline advisory services as a competitive differentiator. It vertically integrates all modules which allows organizations to manage their AML/BSA, CRA complaints management, internal policy compliance and other compliance programs based on federal and state regulations through a single platform

About the company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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