There are two main risks that businesses in the financial services industry face: financial and operational. One is part and parcel of the industry, but the other can be avoided.
An element of financial risk is typically an accepted, and more readily monitored, part of a business’ ability to perform and grow. Whereas operational risk stems from the business foundations, such as people and processes.
The Rise of Operational Resilience
When discussing risk management, ‘operational resilience’ is becoming a real buzzword among regulators in the financial services industry. Gartner describe it as “the ability to alter operations in the face of changing business conditions.”
This resilience is influenced by multiple areas across a business including office culture, employee behaviour, business solutions and organisational structure. Therefore, it can be difficult to achieve without an integrated approach.
Here’s how SAP Concur solutions can help financial services be more resilient…
Multiple jurisdictions, contradictory rules and variable regulations make financial services one of the more complex industries. In an environment that’s constantly evolving, keeping pace with change is essential to avoid fines, a negative reputation or loss of customers.
To be resilient, you need to spot risks before they’re fully formed. Then, you’re better placed to mitigate them. That’s why SAP Concur solutions collate all your expense, travel and invoice data. You’ll know exactly what’s going on, where and when, to take a proactive approach to managing risk.
Digitising Manual Processes
But to get this level of visibility, you need automation. Digitisation reduces the risk of human error and makes your employees more productive by giving them time back for more strategic tasks. Plus, you can reduce the risk of transactional errors, data breaches, non-compliance to company policies and fraud.
SAP Concur solutions track, capture and report on your data automatically, saving your employees from time-consuming manual processes. You’ll be able to boost efficiency and prevent losses from unauthorised activities, inaccuracies or penalties.
Ultimately, if you’re working in the financial services industry and want to be more resilient – but are still relying on paper-based, manual or siloed processes – it’s time to change.
If you would like to assess your current process click here.