How to Resolve Risk and Compliance Challenges with Predict360 + Tableau

As a result of the tumultuous global events such as COVID-19 that occurred from 2019 to 2022, several new risks and compliance management difficulties have surfaced. However, there are substantial structural challenges with risk and compliance that several firms are dealing with and concerns that require long-term solutions.

It is not surprising that risk and compliance technology focuses on fixing current financial sector difficulties and the systematic treatment of vulnerabilities. These concerns include rising risk and compliance management expenses, frequently changing regulatory frameworks, reactive methods, and operational inefficiencies.

Recently, 360factors’ CEO Carl McCauley and Vice President of Sales Robert Berger conducted a webinar associated with American Bankers Association (ABA). They have highlighted some of the banks’ most significant risk and compliance challenges and how they can be resolved with Predict360 + Tableau.

Biggest Compliance and Risk Challenges Faced by Banks

During the webinar, Robert Berger highlighted some of the biggest challenges faced by the financial institutions, which include:

• Emerging risks and regulations
• Consistency and culture
• Execution scalability
• Lack of insight

Following are top quotes and takeaways from the webinar.

Emerging Risks and Regulations

How much has changed over the last several years?, How are banks and financial service organizations operating due to the pandemic and change in landscape? You can have the best laid plans from the annual planning process for risk and compliance, which can change significantly. Not just throughout the year but even on a weekly to monthly basis. But how do I, as an organization, stay flexible or have the agility to where I am not always behind the bar of reacting but where I can be proactive when changes occur and are affirmative?

Consistency and Culture

Nobody in risk and compliance wants to be a big brother tapping on somebody’s shoulders. You want to have that collaborative environment; one you are a trusted advisor. You want to have an intuitive way to work and collaborate with the rest of the organization and offer transparency and accountability. Everybody wants to participate as you drive a culture of risk and compliance in the organization. Let’s make this thing fun and easy and intuitive, not something that you have to push somebody else to do, as nobody wins in that situation.

Execution Scalability

There is not a reduction of workload that is happening, so execution scalability is something that organizations grow, add other variables, such as a partnership with fintech, acquisitions, or even organic growth initiatives that’s more work for compliance to make sure to be able to keep up with everything. So how do you make sure that you can scale as an organization even as the complexity between these relationships within the organization keeps growing, and how do you get rid of or automate some of these lower value repetitive tasks?

Lack of Insight

Risk is typically avoided as a loss avoidance mechanism similarly to compliance rather than weighing opportunity and driving value back into your organization. How do we add and create value? You must have people, process, and technology in place to operate with efficiency and effectiveness. “Now build the ability to create insight, adding more value to your organization. You don’t want to be surprised, and more importantly, you want to give your executive team and board the best decision-making capabilities possible.

How Predict360 + Tableau Can Help Solving the Challenges

Tableau is the leading data visualization platform for data analytics and business intelligence, helping organizations become more data-driven. Tableau’s easy-to-use interface creates interactive visual analytics in dashboards, making it easy for non-technical analysts and end-users to transform their data into understandable, interactive graphics. The goal is to communicate the data analysis through easy visualizations effectively.

Moreover, Tableau empowers its customers with embedded analytics as a product that is hundred percent focused on modern analytics giving powerful insights into data and easy-to-use self-serve data analytics, just the way a customer would need. It provides an ability to deploy the analytics as per the choice, selecting an authentication method as per the preference, and enterprises great security and reliability.

Tableau BI Reporting can show all functionality of Operational Dashboards with an additional ability to filter data by different dimensions dynamically in real-time. It is far easier to extract data to digestible formats using business intelligence. It gives the user the ability to subscribe and share dashboards easily with other users who have Tableau Licenses.

Interested to know more about Predict360 + Tableau? Watch our webinar “Transform Your Risk and Compliance Data with Predict360 + Tableau“, or contact us for a complementary demo of Predict360, our American Bankers Association (ABA) endorsed risk and compliance management platform.