Almost half of banks admit their risk management programme is not well formulated according to Misys Global Risk, which has launched a new generation of collaborative risk management solutions, under the name of Misys Global Risk (MGR).
The firm said that with MGR the solution’s best-in-class risk, regulatory and workflow modules collaborate with a firm’s in-house or third-party systems in a single enterprise risk technology environment for the first time. Banks and financial institutions (FIs) can obtain a holistic view of the enterprise risk (ER) exposure at any point in time, via an intuitive, interactive dashboard that brings on-demand transparency to limit, market, credit and liquidity risk across trading and banking books.
The solution also enables firms to coordinate, control and manage risk from every part of their organisation, allowing users to make proactive business decisions based on comprehensive risk intelligence.
“Our recent research has identified collaboration as a critical success factor for enterprise risk management (ERM),”said Peyman Mestchian, managing partner at Chartis Research. “Collaborative risk management is about information sharing, consistency of risk metrics, linkage between front, middle and back office, embedding risk into performance management and breaking down the traditional silos of risk, compliance and finance. Data integration and information visualisation are key enablers for collaboration.”
“Creating a consistent and timely view of global exposure for the different aspects of risk across the business can be a challenge,” added Thierry Truche, MGR’s head of product management. “This is particularly true where FIs operate across multiple trading systems. Management teams are feeling increased pressure to show more return on investment [ROI] on their risk systems, improve transparency and produce reports on an intra-day, or real-time, basis.”
MGR is an enterprise risk tool for collaborative risk management enabling FIs to define their risk architecture to meet evolving market and regulations challenges. The solution has been designed as a modular risk solution that combines finance and risk and gives banks improved intra-day analysis and reporting. The solution consolidates all risk positions from connected modules on to a single interactive dashboard for chief risk officers (CROs) and a customised dashboard for risk managers, allowing users to drill down to any level of granularity and analyse and act on the information in real time.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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