Predict360 automates many tasks and workflows while improving quality and value of compliance and risk activity execution through a single platform. The technology creates risk and regulatory relationships between all activities in an organization and provides visibility into where risks intersect – providing stakeholders a deeper, wider and holistic view of risk and compliance.
Enterprise Risk Management
Risk management is necessary to ensure your business has a secure and stable future. Through 360factors platform, Predict360 Risk Management, ensures that managers always have visibility of enterprise risk on a dashboard.
Financial businesses are subject to one of the strictest regulatory frameworks for businesses; only healthcare and energy are among the few other industries which have a similar level of regulatory oversight. Businesses that provide financial services are the backbone of the economy, which is why governments want to make sure their risks are managed, and compliance levels are kept high. Financial services risk management and compliance is thus a critical domain for businesses in the financial sector. Modern risk and compliance solutions have simplified both domains and promise to turn them from cost centers into value-generating parts of financial institutions.
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Banking Risk Management and Compliance
Banks are facing new types of competition and are realizing that they will need new strategies and new types of tools to deal with the new competition. Banks generally only competed with other banks. The rise of born-digital financial apps and services has upset the balance in the banking industry. This development has also had a significant impact on banking risk management and compliance management.
Mortgage Risk Management and Compliance
Mortgage businesses have already had to manage a major financial crisis – they were at the forefront of the 2007-2008 financial crisis. They know the importance of ensuring compliance with regulations and managing risks proactively. That is why mortgage risk management and compliance technology is being adopted by the industry so quickly. Tech-based solutions for risk and compliance management promise to bring big-picture data to the executive boards, which provides predictions and insights to ensure they can detect systemic instabilities and nip them in the bud. Mortgage businesses are automating risk and compliance monitoring and enhancing their ability to detect problematic trends.
Money Services Risk Management and Compliance
Money service businesses are an important part of the financial system and help ensure that unbanked communities have access to the financial network. However, it is also one of the most overlooked sectors within the financial world. Dedicated money services risk management and compliance management solutions promise to bring risk and compliance solutions to MSBs and provide them with the tools and services they need to survive during turbulent economic downturns. Money service businesses need dedicated solutions because their different nature means their business processes and concerns are often very different from other types of financial organizations and institutions.
Risk Management and Compliance in Insurance
Insurance is one of the most important parts of the financial sector because it adds stability to the economy. Insurance businesses provide other businesses with the security they need to succeed, which is why risk management and compliance in insurance is so important. Insurance businesses can only protect other businesses if they manage their own risks first. Most modern insurance businesses now prefer to automate as many of their risk and compliance management processes as possible. This is done so the businesses will be able to anticipate market changes and ensure higher levels of compliance as they provide services to other vulnerable businesses.
Integrated Risk and Compliance in Banks
Modern risk and compliance technology solutions focus on convergence between risk and compliance. Both domains are directly linked to each other and share many processes and metrics. A decade ago, the focus was on integrated risk management by consolidating all risk processes under one platform, similarly, there was also a focus on integrated compliance management through a similar consolidation. Modern solutions focus instead on integrated risk and compliance management. This integration enables banks to increase efficiency by removing redundant processes. Businesses also gain better analytics, predictions, and insights into risk and compliance because the data from both can be analyzed in parallel.
