Operational risk management is becoming a critical business intelligence initiative for the retail banking industry, offering enterprise-wide access to information and allowing executives to focus on their business objectives.
Emerging threats facing this heavily regulated industry have created a growing demand for business intelligence software. As a competitive, heavily regulated industry, some retail banking organizations miss out on business opportunities by devoting resources to crisis management and banking compliance, rather than strategic planning and capital management.
As a result, many retail banking institutions face challenges in collecting, managing and reporting operational risk events, especially as complex information from loans, cash balances, credit and liquidity further complicate the process.
In response, successful retail banking organizations have integrated business intelligence software for their operational risk management initiatives. A secure business intelligence solution allows every level of an organization to access real-time information, managing risk by providing every employee with information that employees require to realize the impact of their organizations' transactions and operations. Also, many organizations in the industry have reduced costs by consolidating reporting and analysis onto one platform, enabling every employee to complete their own analysis of corporate data.
As further regulations on banking continue to make the industry more competitive, retail banking organizations may continue to pursue dynamic business intelligence software to streamline their operational risk management processes.
Sources: http://www.panorama.com/industry-news/index.html
Submitted By;
Kichawele D. Msuya, MBA-Finance(2009-2011).
Roll Number: 12157.
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