Steps and solutions for transforming your risk function
Increase risk effectiveness and efficiency by taking the right steps to integrate modern technologies and processes.聽
Today鈥檚 risk functions are shifting away from a regulatory-driven gatekeepers that are focused primarily on protecting the business into strategic, value-added business partners. To meet this expanded mandate, enhancing risk effectiveness and efficiency has moved up the agenda.聽
In short, the risk function needs to be technology driven and data rich, while delivering sound, cost-effective risk and compliance programs. For many successful organizations, the best way to achieve these goals is risk transformation made possible by modern technology solutions.
This risk transformation is not a massive, top-down change but rather a continuous, agile process closely aligned to the goals of the business. With modern technology and processes at the core鈥攁nd backed with timely data, proactive monitoring, and automated controls to address risk events as soon as possible鈥攔isk functions can evolve into truth-tellers of facts and trusted change agents for the organizations.聽
On the way to effective risk transformation
Based on our experience with clients, we have identified the following six key steps on the risk transformation journey:
1
Take a fresh look at the technology risk operating model to better manage technology changes while attending to the day-to-day running of risk departments.
2
Gain a competitive advantage by increasing technology trust and transparency with stakeholders based on the reduction of adverse outcomes and an increase in transparency.
3
Make use of data, analytics, and insights in a more timely fashion, including the continuous monitoring of controls to quickly uncover anomalies that need attention.
4
Upskill and embrace new ways of working by determining what skills are currently supported by risk department teams, building a plan to fill in the gaps, and providing training to encourage professional growth and advancement.
5
Pursue digital acceleration with innovative technologies that embed risk management closer to the point of risk origin while reducing the need to rely on manual efforts.
6
Accelerate technology risk transformation to keep pace with the organization鈥檚 evolving strategy, business, and operating models.
Solutions designed to help enhance risk management
乐鱼（Leyu）体育官网 Powered Enterprise Risk
This solution combines agile cloud-based capabilities, industry-leading risk management processes, and a global network of experienced practitioners, 乐鱼（Leyu）体育官网 Powered Enterprise Risk empowers risk departments to integrate the latest technology and leading practice to turn risk management into a source of competitive advantage.
乐鱼（Leyu）体育官网 Risk Intelligence (KRI)
A digital solution that enables cross-functional collaboration, operational efficiency, and effective communication. It also unlocks a more proactive, actionable view of current and emerging risks and 鈥� and helps organizations uncover opportunities by interpreting risk through advanced analytics.
Cyber Security Services
The Cyber Security Services team provides extensive services for re-platforming governance, risk, and compliance (GRC) capabilities. We treat re-platforming as an opportunity to review, reimagine, and reframe a GRC program. Our services can help cut down the costs of maintaining legacy tools, integrations, and code bases that contribute to inefficiencies.
乐鱼（Leyu）体育官网 Controls Observability
This solution helps provide deeper, faster visibility into key controls to aid in improving issue identification and response times.聽By leveraging modern risk platforms to implement real-time monitoring of key configurations, controls, and processes, governance professionals can identify non-compliance and potential issues before they impact critical processes or customers.
乐鱼（Leyu）体育官网 Modern Technology Risk Centers of Excellence (COE)
The Centers of Excellence helps organizations use technology to optimize risk management and realize efficiency and effectiveness gains. Our programs include performing highly technical risk assessments, implementing modern IT risk practices, and designing and implementing controls and compliance measures in real time.
Why 乐鱼（Leyu）体育官网?
乐鱼（Leyu）体育官网 has been repeatedly ranked number one globally in Source鈥檚 鈥淧erceptions of Risk Firms鈥� survey for multiple risk management categories, including Financial Risk, Third Party Assurance, and Client Advocacy in Risk.1聽With more than 6,000 global practitioners, 乐鱼（Leyu）体育官网 empowers risk and compliance teams to shift from being reactive advisors to proactive business partners, able to share quick, efficient, and reliable insight into the interconnected risks lying ahead.
1聽Source: 鈥淧erceptions of Risk Firms,鈥� 2021, 2022, 2023, Source, Inc. Ranking based on a survey of 300 senior executives, directors, and senior managers in the U.S.聽
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