GRC Framework and Platform
CSC helps banks design and implement an effective, integrated GRC framework and platform for specific risks or enterprise-wide capabilities.
More regulatory enforcement activity is taking place today than ever before, and it is increasing. Banks have to mitigate a number of risks that can take many forms. Constant headlines related to fraud and misselling have made operational risk a bigger concern than credit risk, especially as firms manage increasingly complex operations and numerous processes, leading to a greater need for control.
These demands of regulatory compliance require banks to create new frameworks for systems and data. Banks that make these changes can attain not only regulatory compliance, but also enjoy new efficiencies, while at the same time creating the potential for innovative services that generate new revenues and keep customers satisfied.
Banks are closely scrutinized to keep perceived risks in line with the risks they’re actually taking. An effective risk appetite framework accurately reflects the risks you’re willing to take in the course of normal business. It also defines your boundaries while outlining how you’ll maintain them through policies, controls and monitoring.
CSC’s extensive experience with managing governance, risk and compliance (GRC) includes assessing risk appetite frameworks, defining appropriate business models, implementing standard regulatory monitoring and reporting, and identifying needed capabilities and systems (e.g., operational risk management, liquidity management).
Integrated GRC Management
CSC helps banks design and implement an effective, integrated GRC framework and platform for specific risks or enterprise-wide capabilities. This includes application modernization and shortlisted GRC software hosting to enable an integrated risk management capability.
Drawing on experience working with regulators and a range of top-tier global banks, CSC believes financial institutions should consider the following five steps while developing their GRC framework:
- Set a clear, measurable and actionable risk strategy
- Integrate and reflect risk planning in architecture and infrastructure programs
- Aggregate data
- Embed GRC frameworks within normal decision-making processes
- Implement dynamic, forward-looking risk management
Working together with best-in-class alliance partners, CSC helps financial institutions optimize for capital adequacy requirements and improve risk control effectiveness, transparency and accountability across the enterprise.
CSC offers banks the opportunity to partner with leading providers to deliver innovative solutions. With the use of analytics, warehousing and reporting factories, regulatory requirements can be managed efficiently as automation is improved, transparency of reporting is developed, and consumer protection is increased.