Erwin Boeren 270002C43V ERWIN.BOEREN@NL.IBM.COM | | Tags:  grc analytics busness management openpages ibm erwin risk performance boeren | 0 Comments | 598 Visits
Last year IBM acquired OpenPages as a strategic move into the area of Governance, Risk and Compliance. The lasest announcement to acquire Algorithmics (quantitative risk management) shows the continuous commitment of IBM in the GRC market. GRC software will integrate into the Business Analytics Software group, the area where the former acquisitions like Cognos, SPSS and Clarity systems already resides.
Now that Risk Management is evolving, more and more organizations are starting an enterprise approach to risk management. And this is where I see the need for Risk and Performance Management convergence.
In past Risk Management implementations I see that a major portion of time and budget was spent on Risk Reporting and Dashboarding. Especially the need for self service reporting, where users can ad hoc create their own risk reports, is growing. We do not want to wait in the queue waiting for our report to be created. 2 days later you missed the opportunity to respond and the loss is there.
With this self service capability the question automatically pops up 'can I trust my data'. And now we are back in the area of data governance. This is exactly where the area of Performance Management is today.
Apart from these reporting and dashboarding capabilities Enterprise Risk Management means alignment of risks and controls to the strategic initiatives of the organization. What will prevent me from reaching my business goals? Isn't this defined as a risk? And how will we prevent this from happening? Wasn't that defined as a control?
Even more interesting are questions like, 'What if I was able to perform risk scenario planning?', 'What if I could predict risks from happening?' or 'What is the correlation between the risks that have materialized?'.
And there is the proof that Risk Management and Performance Management have lots in common and should be integrated. Lets call it Business Analytics.
Governance, Risk & Compliance Leader
IBM IOT Southwest Europe
Erwin Boeren 270002C43V ERWIN.BOEREN@NL.IBM.COM | | Tags:  watson erwin risk governance grc compliance management ii business analytics solvency ibm boeren basel | 0 Comments | 816 Visits
IBM Watson found a job as a risk expert!
IBM Watson goes to work in financial services as a risk expert. One of the largest Financial Services institutes and IBM now partner to enhance and simplify the consumer banking experience with faster, more accurate decisions, better risk assessment, and more targeted customer offers.
IBM Watson is transforming expectations for how technology can help individuals live and work in better ways. Its ability to make sense of vast quantities of unstructured information, communicate in natural human language, learn from experience, and offer confidence weighted responses is already a game changer in healthcare. Focusing these capabilities on financial services brings new possibilities for higher service levels to an expanded set of users.
For those who do
not know IBM Watson, Watson is an artificial intelligence computer system
capable of answering questions posed in natural language, developed in IBM's
DeepQA project. As a test of its abilities, Watson competed on the quiz show
Jeopardy!, in the show's only huma
Now what will that bring to our Financial Service clients? Potentially as an assistant to client service professionals to help deliver evidence-based recommendations across multiple areas of the bank, including: credit card; private banking; wealth management; and call centers. Since IBM Watson can think faster than any human being it is able to make cross checks, prevent fraud, determine risk, etc. It is able to analyze data such as client information, online news reports, blogs, Twitter feeds, analyst reports, regulations, credit ratings, and government securities filings which can help to suggest options targeted to a consumers' individual circumstances.
Blog post by Erwin Boeren
Senior Governance, Risk & Compliance specialist IBM