Consolidating risk management and compliance silos in financial services

A unified view on risk and compliance

For years, financial institutions have implemented disparate risk management and compliance applications to meet the latest regulatory requirements and reduce operational risk. In today’s complex and fast-paced environment, this mixture of functions has made it increasingly difficult to see the bigger risk picture or enable agile decision-making.

As a result, many firms have begun unifying applications via a single and comprehensive enterprise-wide platform. Doing so allows them to:

• Gain a more accurate and complete view of their enterprise data
• Identify operational and compliance risks, and suspicious activity, more easily   
• Comply with new and changing regulation
• Simplify overall management and maintenance

Using InterSystems IRIS data platform as an example, this paper explores the key challenges and priorities for firms looking for an effective and future-proof transformation.