Operating in an ever more complex and risky operational environment, financial companies around the world now face an unprecedented array of challenges.
The regulatory reform efforts that followed the 2008 financial crisis – a list that includes the UK Bribery Act and the US Foreign Account Tax Compliance Act, as well as the new Basel III capital adequacy rules and the European markets in financial instruments directives – have brought a necessary emphasis on transparency and internal governance, which in turn means extensive new reporting requirements. The failures of risk modelling before and during the crisis have led to much higher standards for risk modelling and capital calculation. Customers now place a much higher value on 24-hour availability, meaning that business continuity is an acute concern – software failures during 2012 cost banks not only in financial terms but also in reputation. And an increasingly sophisticated criminal threat – covering fraud, data loss, bribery, corruption, money laundering, tax evasion and sanctions busting – means that continual vigilance and improvement is the only way for banks to avoid being left vulnerable.
This year’s Operational Risk & Regulation Software Profiles cover the leading players in the financial software sector. From compliance and data collection to anti-fraud software, understanding the suppliers is a vital part of operational risk management for financial institutions of every size and shape.
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