Why unifying risk and finance data is critical for Australian banks

In response to the findings of Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry – as well as regulatory pressures arising from increasing stakeholder expectations – banks in Australia will need to rectify operational silos between finance and risk functions to drive performance and competitiveness.

This presents an opportunity to enhance the flow of information across risk, finance and treasury to deliver improved business insights. Finance and risk leaders must be empowered to reduce risks and meet strict compliance requirements.

Key topics discussed in this webinar:

• How banks in Australia can deal with competitive pressures across finance, risk and treasury management
• Why data is an enabler for a clear, enterprise-wide view of the banking business performance and risk exposures
• Analytical data models and platform frameworks that deliver governance, control and transparency in line with the requirements of the Basel Committee on Banking Supervision’s standard 239
• Explore ways to manage finance and risk data models in a near 0% interest rate environment
• How automation and analytics can support regulatory reporting, and improve efficiency and accuracy
• How the emerging use of artificial intelligence and machine learning can help enforce process execution while mitigating operational risk issues.

The Asia Risk and Oracle survey report, Using data and innovation to drive business insights, indicates that only 37% of respondents’ risk and finance functions are fully aligned. While 51% of respondents indicate that a single view of finance and risk data to improve the predictive power as their greatest priority.

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