Simplify risk and compliance
Your all-in-one risk management solution
RISK AND COMPLIANCE MANAGEMENT REIMAGINED
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Your risk and compliance management secret weapon
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Regulatory compliance made easy
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Seamless risk management at your fingertips
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Risk and compliance management built for today
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The state of risk management and compliance
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compliance risk indicator
THE STATE OF RISK MANAGEMENT AND COMPLIANCE
Did you know?
Jonathan Silverman Director of insurance solutions, Microsoft
Insurers are recognizing the value of having access to unlimited compute capacity for risk modeling and . . . making substantial cost savings with infrastructure related to the risk modeling workload.
Committee/executive reports with aggregated comparisons in spreadsheets or Word docs. Siloed information in spreadsheets, Word docs and PowerPoint presentations. Only 20% of risk professionals reported using an integrated risk platform with key metrics mapped to strategic initiatives.
Source: American Bankers Association – Banking Risk and Compliance Management 2023 Outlook
Economic uncertainty and market volatility have corporations and financial institutions evaluating all their costs and processes. At the same time, messaging traffic continues to increase. Facing complex banking processes – including multiple banking relationships, high costs and operational inefficiencies – these organizations are looking to streamline their bank connectivity processes and cut costs.
Insurance companies are more aware than ever of the wealth of information at their disposal. Their ability to extract value from data using advanced analytics has become critical to competitive advantage.
For actuaries, the pressure is on to gain greater insights from big data and rapidly transform modeling results into business intelligence.
Feeling a bit overwhelmed by risk and compliance management lately? You’re not alone. Today’s risk leaders are under more pressure than ever before. Stakeholders expect real-time, data-driven insights to stay on top of emerging risks. New regulatory changes add to compliance headaches. Don't even get started on manual processes and lack of collaboration. Total efficiency drainers. Let’s not forget about the modern risk leader’s greatest foe: traditional GRC systems. You know the ones. They’re built on outdated tech that costs a lot to set up – and even more to maintain. Their lack of insights and business intelligence is topped by complex and intuitive design. At best, you’re working on remedial tasks instead of higher-impact projects. At worst, you leave your business walking on a tightrope of potential risks. To tackle today’s challenges, you need cutting-edge solutions to supercharge your risk and compliance game and revolutionize your organization’s risk landscape.
79%
Risk professionals are relying on low-tech solutions to make strategic growth decisions:
57%
20%
We have to continually monitor regulation. So much [new information] is coming at us from multiple sources, including the CFPB blog and state-specific commentary. We’re expected to stay aware of those changes – and respond appropriately.
Therese Paul, Chief Compliance Officer at First Financial Bank
RISK AND COMPLIANCE MANAGEMENT BUILT FOR TODAY
You could perhaps justify these costs if the servers were active throughout the year. But most risk and regulatory calculations happen at peak times, such as quarter and year ends, when systems may need five times more computing power than in quieter periods.
It’s clear that mastering enterprise risk and compliance is no small feat. With internal and external pressures growing, your tech shouldn’t add to your frustrations. Step into the next era of risk and compliance management with FIS® Compliance Risk Indicator. Powered by cutting-edge AI, Compliance Risk Indicator predicts and tackles operational risks while navigating regulatory compliance. Simply put, it’s your risk and compliance secret weapon. Compliance Risk Indicator boasts an integrated GRC/IRM system with configurable applications. This isn’t a one-size-fits-all platform. It’s a tailor-made solution that you build to meet your unique needs. With it comes a single, unified database fueling advanced business intelligence reporting and is supercharged with predictive analytics and unprecedented insights. Best of all, it all comes packaged in an intuitive, user-friendly interface that turns complexity into simplicity. Compliance Risk Indicator is made up of two management applications: one for risk and one for compliance, with a business intelligence engine that empowers you to report across all risk and compliance activities. Makes sense, right? Let’s dive into each application and explore how they’ll transform your risk and compliance management.
FIS Compliance Risk Indicator
SEAMLESS RISK MANAGEMENT AT YOUR FINGERTIPS
Picture a seamless connection between risk mitigation actions and the standards, regulations and business requirements that drive your organization’s success. It’s not fantasy; it’s Compliance Risk Indicator’s Risk Management applications. At the core of our Risk Management applications are dynamic features like audits, gap analysis, self-assessments and inspections – all aimed at executing through risk assessments. That’s just the beginning. These assessments trigger configurable workflows, enabling you to address risks directly, assign tasks, install corrective actions and start training plans.
Ryan Rasske, American Bankers Association
Risk and compliance management should not only help a bank protect and hold on to what it already has, it should also help a bank identify areas where taking some additional risk could result in meaningful growth and returns.
Take control of risk management with the following applications:
Risk and Control Self-assessment Risk Insights Issues Management Control Testing Third-party & Vendor Risk Management SOX Quarterly Certifications & Attestations Business Continuity Management Audit & Findings Management Peer Insights
REGULATORY COMPLIANCE MADE EASY
Assessing and managing risk is just one part of your job. The other is staying compliant with regulations. That’s where Compliance Risk Indicator’s Compliance Management applications come to the rescue. This versatile application is your go-to solution, collecting, storing, tracking and collaborating on all things compliance-related, from regulatory change tracking to activity execution. Get ready to revolutionize your compliance game. Our Compliance Management applications offer a comprehensive platform to manage various compliance activities. This includes compliance tasks, regulatory changes, internal and compliance audits, findings, remediation plans, cases, complaints, investigations, corrective actions and CAPAs, training plans and many other compliance essentials.
Carl McCauley, 360factors
Evaluating technology value can be daunting when risk and compliance are perceived as ‘cost centers.’ However, if you can showcase how technology supports your bank’s strategic growth plans, then scope and ROI become more focused objectives.
Complaints Management Compliance Monitoring & Testing Policy & Procedure Document Management Regulatory Change Management Regulatory Examination & Findings Management Fintech Compliance Management
Empower your compliance journey with the following applications:
Master the evolving risk landscape with confidence
YOUR RISK AND COMPLIANCE MANAGEMENT SECRET WEAPON
Learn more
The challenges of modern risk and compliance management are undeniable. The pressures are unprecedented, with demands for real-time, data-driven insights and the constant onslaught of regulatory changes. Outdated technology and lack of collaboration only worsen the complexity. But there's a solution on the horizon. Step into the next era of risk and compliance management with FIS Compliance Risk Indicator. Powered by cutting-edge AI, this platform predicts and addresses operational risks while navigating regulatory compliance. No more walking on a tightrope of uncertainty. It’s time to equip yourself with the ultimate risk and compliance secret weapon.
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About FIS
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
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