‘Fire-drill’ is a term frequently used to describe the all-consuming exercise required within financial institutions to respond to an urgent and unexpected request from senior management or supervisors. Even some regular annual processes follow the same pattern of total disruption to day-to-day functions and responsibilities.
Given the siloed nature within many organizations, fire-drills requiring a broad set of inputs from a wide range of systems, teams and disciplines are the most disruptive and most time-consuming as the up-front co-ordination required to ensure consistent assumptions into those various teams and systems, and the ultimate reconciliation of multiple sets of results from those multiple systems adds a further layer of complexity, operational risk, effort (frequently manual) and delay.
Whether the need is for a quick answer to a relatively simple, single ‘silo’ question or for a more holistic view of the combined effect on Risk, Return, Liquidity and Capital Adequacy, frequently current systems are poorly-placed to supply the answer before it is too late to take the necessary action.
We understand the time and effort that goes into producing and cleansing the data that feeds the Risk, Finance and Regulatory Reporting elements of our OneSumX solution, and the value of the output of those modules. We also appreciate that these results and inputs represent a “goldmine” of invaluable information.
OneSumX Business Analytics provides a quick yet powerful way to leverage the data and results held in the OneSumX platform and other external data sources, to reap the benefit of the effort that went into generating that information, thereby improving ROI on existing infrastructure, complying with the supervisory demands for use of such data in decision-making and delivering the ability for all levels of the financial organization to operate in a more agile, responsive and forward-looking way.
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