Automated Risk Management Tools
As the foundation for a sophisticated risk management framework, software can be the lens through which many corporate financial risk management teams improve portfolio visibility. Today, flexible systems exist that can be tailored to the unique needs of their respective user and include crucial capabilities such as automated decisioning and comprehensive applications processing features.
However, research shows many corporations lean toward manual processes and tools within their risk management framework. Corporate professionals tasked with monitoring their businesses' exposure to risk still primarily rely on outdated technology and rudimentary tools to do so, which may limit their ability to accurately evaluate financial threats, according to an October study from one technology services company.
More than 200 financial professionals worldwide were surveyed in October, and 65 percent of respondents said their business still relies on simple spreadsheets to conduct short-term cash forecasting, among other tasks.
Other key risk management functions continue to be managed manually, despite the shortcomings of this option. Manual processes can leave corporations vulnerable to reporting errors and fraud, threats that undermine the overall effectiveness of the larger risk management team.
Switching from manual to automated processing improves efficiencies
Some risk management professionals may hang on to manual processes due to skepticism regarding the effectiveness of automated decisioning and processing, arguing instead that traditional methods are more reliable. However, time has shown that automated decisioning offers financial institutions a better platform on which to build not only risk evaluation systems, but also cross-selling structures and outbound marketing campaigns.
In a blog post this summer, we described the experience John DeMarchis of PNC had after implementing portfolio management software with automated capabilities. DeMarchis told American Banker that his representatives have been able to answer customer queries faster and with a higher rate of satisfaction since adopting the new system.
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As the foundation for a sophisticated risk management framework, software can be the lens through which many corporate financial risk management teams improve portfolio visibility. Today, flexible systems exist that can be tailored to the unique needs of their respective user and include crucial capabilities such as automated decisioning and comprehensive applications processing features.
However, research shows many corporations lean toward manual processes and tools within their risk management framework. Corporate professionals tasked with monitoring their businesses' exposure to risk still primarily rely on outdated technology and rudimentary tools to do so, which may limit their ability to accurately evaluate financial threats, according to an October study from one technology services company.
More than 200 financial professionals worldwide were surveyed in October, and 65 percent of respondents said their business still relies on simple spreadsheets to conduct short-term cash forecasting, among other tasks.
Other key risk management functions continue to be managed manually, despite the shortcomings of this option. Manual processes can leave corporations vulnerable to reporting errors and fraud, threats that undermine the overall effectiveness of the larger risk management team.
Switching from manual to automated processing improves efficiencies
Some risk management professionals may hang on to manual processes due to skepticism regarding the effectiveness of automated decisioning and processing, arguing instead that traditional methods are more reliable. However, time has shown that automated decisioning offers financial institutions a better platform on which to build not only risk evaluation systems, but also cross-selling structures and outbound marketing campaigns.
In a blog post this summer, we described the experience John DeMarchis of PNC had after implementing portfolio management software with automated capabilities. DeMarchis told American Banker that his representatives have been able to answer customer queries faster and with a higher rate of satisfaction since adopting the new system.
[:es]As the foundation for a sophisticated risk management framework, software can be the lens through which many corporate financial risk management teams improve portfolio visibility. Today, flexible systems exist that can be tailored to the unique needs of their respective user and include crucial capabilities such as automated decisioning and comprehensive applications processing features.
However, research shows many corporations lean toward manual processes and tools within their risk management framework. Corporate professionals tasked with monitoring their businesses' exposure to risk still primarily rely on outdated technology and rudimentary tools to do so, which may limit their ability to accurately evaluate financial threats, according to an October study from one technology services company.
More than 200 financial professionals worldwide were surveyed in October, and 65 percent of respondents said their business still relies on simple spreadsheets to conduct short-term cash forecasting, among other tasks.
Other key risk management functions continue to be managed manually, despite the shortcomings of this option. Manual processes can leave corporations vulnerable to reporting errors and fraud, threats that undermine the overall effectiveness of the larger risk management team.
Switching from manual to automated processing improves efficiencies
Some risk management professionals may hang on to manual processes due to skepticism regarding the effectiveness of automated decisioning and processing, arguing instead that traditional methods are more reliable. However, time has shown that automated decisioning offers financial institutions a better platform on which to build not only risk evaluation systems, but also cross-selling structures and outbound marketing campaigns.
In a blog post this summer, we described the experience John DeMarchis of PNC had after implementing portfolio management software with automated capabilities. DeMarchis told American Banker that his representatives have been able to answer customer queries faster and with a higher rate of satisfaction since adopting the new system.
[:it]As the foundation for a sophisticated risk management framework, software can be the lens through which many corporate financial risk management teams improve portfolio visibility. Today, flexible systems exist that can be tailored to the unique needs of their respective user and include crucial capabilities such as automated decisioning and comprehensive applications processing features.
However, research shows many corporations lean toward manual processes and tools within their risk management framework. Corporate professionals tasked with monitoring their businesses' exposure to risk still primarily rely on outdated technology and rudimentary tools to do so, which may limit their ability to accurately evaluate financial threats, according to an October study from one technology services company.
More than 200 financial professionals worldwide were surveyed in October, and 65 percent of respondents said their business still relies on simple spreadsheets to conduct short-term cash forecasting, among other tasks.
Other key risk management functions continue to be managed manually, despite the shortcomings of this option. Manual processes can leave corporations vulnerable to reporting errors and fraud, threats that undermine the overall effectiveness of the larger risk management team.
Switching from manual to automated processing improves efficiencies
Some risk management professionals may hang on to manual processes due to skepticism regarding the effectiveness of automated decisioning and processing, arguing instead that traditional methods are more reliable. However, time has shown that automated decisioning offers financial institutions a better platform on which to build not only risk evaluation systems, but also cross-selling structures and outbound marketing campaigns.
In a blog post this summer, we described the experience John DeMarchis of PNC had after implementing portfolio management software with automated capabilities. DeMarchis told American Banker that his representatives have been able to answer customer queries faster and with a higher rate of satisfaction since adopting the new system.
[:tr]As the foundation for a sophisticated risk management framework, software can be the lens through which many corporate financial risk management teams improve portfolio visibility. Today, flexible systems exist that can be tailored to the unique needs of their respective user and include crucial capabilities such as automated decisioning and comprehensive applications processing features.
However, research shows many corporations lean toward manual processes and tools within their risk management framework. Corporate professionals tasked with monitoring their businesses' exposure to risk still primarily rely on outdated technology and rudimentary tools to do so, which may limit their ability to accurately evaluate financial threats, according to an October study from one technology services company.
More than 200 financial professionals worldwide were surveyed in October, and 65 percent of respondents said their business still relies on simple spreadsheets to conduct short-term cash forecasting, among other tasks.
Other key risk management functions continue to be managed manually, despite the shortcomings of this option. Manual processes can leave corporations vulnerable to reporting errors and fraud, threats that undermine the overall effectiveness of the larger risk management team.
Switching from manual to automated processing improves efficiencies
Some risk management professionals may hang on to manual processes due to skepticism regarding the effectiveness of automated decisioning and processing, arguing instead that traditional methods are more reliable. However, time has shown that automated decisioning offers financial institutions a better platform on which to build not only risk evaluation systems, but also cross-selling structures and outbound marketing campaigns.
In a blog post this summer, we described the experience John DeMarchis of PNC had after implementing portfolio management software with automated capabilities. DeMarchis told American Banker that his representatives have been able to answer customer queries faster and with a higher rate of satisfaction since adopting the new system.
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