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Developing smarter capabilities for purpose-driven risk management in banks
The risk function in banks has traditionally focused on enterprise assurance, risk reporting, and regulatory compliance. However, with banks re-prioritizing their agenda to manage pandemic impacts, evolving customer behavior, business model disruptions, and technological advancements, the future of risk management in banking too is set to transform. Banking risk management must become purpose-driven and customer-centric, enable flexibility, deliver enterprise assurance and growth levers, and effectively manage emerging risks such as climate risk. To deliver on these, the banking risk management function will need to embrace a smart risk enterprise with robust risk management frameworks backed by digital technologies. To transition to a smart risk enterprise architecture, banks must:
Bolster risk management frameworks with intelligent insights and automation
Transform capabilities through knowledge and decision models
Ensure an agile operating model
Build a digital core
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