Overview 1
Catalyst 1
Summary 1
Key Messages 2
Operational risk benefits have broadened from compliance to performance management 2
After the crisis 'risk will be king' with the onus on demonstrating operational stability 2
The regulatory response will focus on reporting and active involvement in risk management 2
The shift will be from a reactive loss-minimization approach to a proactive strategic role 2
Operational risk is now seen as a framework by which all risks can be managed 2
IT plays a key role in facilitating ORM through monitoring and reporting automation 2
Vendors will have to demonstrate the transparency and auditability of their solutions 3
Users will look for a standardized core of modules that can be extended incrementally 3
TABLE OF CONTENTS 4
Table of figures 5
market opportunity 6
Operational risk benefits have broadened from compliance to performance management 6
Operational risk has broadened its scope and application 6
OpRisk compliance efforts were initially complicated due to the difficulties in modeling exposure 8
After the crisis 'risk will be king' with the onus on demonstrating operational sustainability 9
It is not enough to solely rely on technology, processes must be in place to combat fraud 9
Banks now have an opportunity to get their risk management right 9
The regulatory response will focus on reporting and active involvement in day-to-day risk management 9
There will be a shift from a reactive loss-minimization approach to a more proactive strategic role 10
Operational risk is growing in importance in the US 10
Purely regulatory-driven OpRisk spend is giving way to the pull of business performance improvements 12
Operational risk is now seen as a framework by which all risks can be managed 13
Greater interaction between risk disciplines will shape resulting firms internal structures 13
A strategic approach to risk will require greater levels of collaboration between risk, operational staff, and IT 14
Large scale integration of disparate organizations will hasten the merging of risk disciplines 15
Customer Impact 16
Performance benefits are unlocked by incorporating operational risk in decision making 16
Internal governance structures and cultures must change to embed risk management in all processes 16
ORM tools provide opportunities for operations management leading to enhanced customer service 18
The application of IT solutions to the field of OpRisk are growing in scope 18
Comprehensive OpRisk requires integrated information management and security 19
IT plays a key role in facilitating ORM through monitoring and reporting automation 21
Flexibility and transparency are the key features of operational risk solutions 22
The field of OpRisk is a complex vendor landscape 23
Go to Market 26
Top requirements for GRC solutions will be transparency and auditability 26
Risk management vendors will have to demonstrate the transparency and auditability of their solutions 26
In light of regulatory responses vendors flexibility in solutions will be key 26
Vendors demonstrating how their solutions can meet tomorrow's reporting needs will gain advantage 27
Users will look for a standardized core of modules that can be extended incrementally 27
Vendors that are able to integrate risk frameworks with operational and finance areas will be well placed 28
Successful vendors will be those that can assist data consolidation and integration of risk regimes 28
Vendors must show that the increase in security through automation does not come at the cost of flexibility 28
Vendor go-to-market strategies 29
Quick wins will be sought combined with the ability to evolve the solution 29
KRIs and data resulting from processes must align with modeling tools 29
Risk vendors should target operations as the ORM and operations functions become more aligned 30
APPENDIX 31
Definitions 31
Methodology 31
Further reading 31
Ask the analyst 31
Datamonitor consulting 31
Disclaimer 31
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