Go-Live Faster’s Post

BaaS to require strong commitment and serious investments Despite changing expectations and increased regulatory scrutiny of third-party risk management, Banking-as-a-service (BaaS) growth continues. Some banks understand while they can outsource operations, they cannot outsource risk management. The BaaS market is expected to grow, but with increased regulatory scrutiny, financial institutions need to proceed cautiously with strong systems and processes to back up. https://okt.to/Wwo5fi

Strengthening financial resilience is critical in today's banking landscape. Explore how effective lines of defense and robust control processes can safeguard institutions. Dive into our latest insights on enhancing Risk Management. #BankingSecurity #RiskManagement #FinancialServices #Banking #Fintech #RCSA https://lnkd.in/eu_ixufQ

The banking and finance industries are going through a significant transformation. With the rapid advancement of technology, changes in regulations, and fluctuations in the economy, it's no surprise. Therefore, it is crucial to stay up to date with the latest developments in order to navigate the new era of risk management effectively. Find out more: https://bit.ly/49YVXet #FinanceIndustry #Finance #RiskManagement

Facing the intricate web of #audit and #regulatorycompliance demands, Bank ABC leveraged SAI360's GRC platform to turn obstacles into strategic advantages. This partnership led to a streamlined, efficient approach to governance, risk, and compliance, offering: ***Enhanced audit capabilities*** ***Unified risk and compliance oversight*** ***Streamlined processes and increased operational efficiency*** ***A culture shift towards proactive risk management*** Curious about the specifics? Dive into our use case to see the measurable impact of SAI360 on Bank ABC's journey towards integrated GRC excellence.   👉 https://lnkd.in/enrKW4qF #Banking #Finance #Audit #RiskManagement #Compliance #Innovation #SAI360 

Interesting developments in global banking regulation, with the Basel Committee on Banking Supervision proposing new principles meant to target the sharp rise in third-party risk. What's going on? Well, the Committee just launched a consultation on a new set of standards for dealing with the management and oversight of banks’ outsourcing arrangements. Existing principles predate the financial crisis. What then are the new proposals? Basel said banks should undertake “appropriate due diligence” of risks before they sign contracts with third parties, and monitor how the service is performing. Banks should also maintain “robust business continuity” management so they can operate during a disruption. For more, check the article, here: https://lnkd.in/g7jPPEGa #teamnoggin #thirdpartyriskmanagement

Excited to share an illuminating read on the dynamic terrain of risk management within the banking and finance realm, featured in Global Banking & Finance Review. This comprehensive article delves into the intricate balance financial institutions must strike amidst the swift currents of technological innovation and regulatory evolution. Discover how these institutions are charting their course through modern risk models and uncover the pressing need for banks to embrace digital tools, harness data analytics, and adopt cutting-edge technologies. Dive into the insights by clicking below 🚀💼 #Banking #Finance #RiskManagement #DigitalTransformation

Today’s fast-paced, data-driven and heavily interconnected banking environment presents new challenges—and new opportunities. Learn more about how traditional risk assessment is changing—and what your organization can do to solve it in today’s blog. https://okt.to/nLgmM0

Have you ever thought about the future of finance? A few days ago, the Basel Committee of Banking Supervision published a report on the Digitalisation of Finance, the second in the series since 2018. The report provides an interesting snapshot into the potential future of finance from the regulators’s point of view, and one thing is clear from it: the digital revolution in finance isn't just a trend—it's a game-changer reshaping the entire financial landscape. Here are the top insights I gathered from it: 🔍 Beyond Risk Management: It’s particularly interesting to hear the following from the banking supervision side: It's not just about mitigating risks; it's about harnessing digital innovations to drive strategic growth as banks need to pivot from reactive risk management to proactive innovation strategies. 🌐 Regulation Reimagined: Regulators are no longer just rule-makers; they're enablers of responsible innovation. The shift towards flexible, technology-neutral regulations signals a new era of collaboration between regulators and industry players. Regulating just got much more interesting, didn't it? 💻 The Rise of Digital Ecosystems: The line between banks and fintech is blurring as digital ecosystems take centre stage. This convergence isn't just reshaping business models; it's revolutionising customer experiences and industry dynamics. This could mean that we will likely see some new unicorns on the horizon of financial services sooner or later.🦄 📊 Data Dominance: In the digital economy, data is the new currency. Banks must capitalise on data-driven insights to personalise services and drive competitive advantage. But with great data comes great responsibility—ensuring privacy, security, and ethical use is non-negotiable. This means challenges for traditional operational risk thinking. 🤝 Collaboration is Key: The rise of third-party service providers isn't just a fad; it's a strategic imperative. Collaborative partnerships enable banks to tap into specialised expertise, drive innovation, and enhance customer value. Win-win for all the parties. 🧠 Human-Centric Innovation: With the increasing speed of automation and AI applications, the human touch remains indispensable. It's not just about deploying cutting-edge technology; it's about leveraging human judgment to ensure ethical, responsible, and customer-centric practices. Your opinion has never been so valuable. 📈 Building Resilience: The digital shift isn't without its challenges. Building resilience requires continuous learning, adaptive strategies, and robust risk management frameworks. It's about embracing change while staying true to core principles of stability and trust. If anything is certain, it's that the future of finance belongs to those who embrace innovation, collaboration, and adaptability. It will be fascinating to observe who is prepared for the challenges ahead. #DigitalTransformation #Fintech #Innovation #Collaboration #FutureofFinance #BIS

Treasury and ALM related topics remain in the supervisory spotlight with continued focus on financial resilience in the face of changing depositor behaviour, market conditions, and the implementation of Basel 3.1. What stands out to me is the degree of interconnectivity across the PRA's priority areas, specifically the interaction between risk management capabilities, advances in technology, changes in model risk governance, and data risk. Investing in these areas can be a source of competitive advantage for Treasury functions in managing balance sheet risk, in addition to meeting regulatory requirements and expectations. Chris Heys Stewart Cummins Susie Thomas Meryl Harland

In the ever-evolving landscape of banking, financial institutions must navigate a complex array of risks. From market fluctuations to regulatory changes, the banking sector is perpetually challenged to maintain stability, security, and compliance. #FinancialServices #Banking #BFSI #Heitmeyer https://lnkd.in/e_56EJX4