Automation – Future of Bank Employees | Original Article

ABSTRACT:

A modern compliance framework must be integrated with the bank’s operational-risk view of the world. Integrating the management of these risks offers tangible benefits. It ensures a comprehensive coverage of risks, lessens the burden on the business and the control functions, and facilitates a more efficient allocation of enterprise resources and management attention. Banks can start this journey by developing an integrated inventory of operational and compliance risks standardizing risk, process, product, and control taxonomies coordinating risk assessment, remediation, reporting methodologies, and calendars and clarifying roles and responsibilities among control functions for each material-risk type to ensure there are no gaps or overlaps. [1]