Developing a Sound Strategy: The Future of Automation Technology for Risk Mitigation and Security
June 15, 2021
When it comes to risk mitigation and security, automation remains the greatest weapon financial institutions have when facing compliance issues, information security, fraud and cybersecurity. Financial institutions (FIs) need to establish best practices for strengthening transaction monitoring but must remain mindful when adapting technology to current market needs. While the increasing digitization of bank operations and the open banking revolution have improved efficiency and customer experience, it also raises the stakes when it comes to banking risk.
In the recent Bank Automation News webinar “Developing a Sound Strategy: The Future of Automation Technology for Risk Mitigation and Security,” Ian Dunn, General Manager of Portfolio Analytics at nCino and Vinay Jha, Executive Vice President and Chief Data Officer at Citizens Bank, discussed how automation technology is being deployed for risk mitigation and security, and how it needs to evolve to meet the growing requirements of financial institutions.
Throughout the webinar, Ian and Vinay were asked a series of questions, including:
  • How does a FI not only monitor risk, but also be proactive in mitigating risk?
  • How does data quality impact risk mitigation?
  • How is Citizens Bank working on data quality when deploying technology and automation?
  • How is Citizens Bank utilizing technology and automation to mitigate the risk in the underwriting process?
  • How has the pandemic altered the way banks do business?
  • What regulations regarding risk management do FIs need to be mindful of?

Both panelists offer insightful answers to each of these questions. Ian dedicates time to explaining how analytics can be leveraged in conjunction with automation technology to better identify, measure and mitigate risks to the fullest extent possible. He also shares a few concrete examples of how analytics and automation can be combined to ultimately improve the security of FIs.

“For me, using automation and analytics to mitigate risks, risks such as credit risks and concentration risks, really boils down to better identifying, measuring and then mitigating the risk to the extent possible.” –Ian Dunn, General Manager of Portfolio Analytics, nCino

Vinay focuses his attention on data quality, testing and movement. He explains the importance of building automated data quality checks to ensure that the data coming into a system is safe. Further, he describes how Citizens Bank is utilizing intelligent automation to better control and manage risk.

“Automation is not just about monitoring what is happening and doing it in an efficient way. We are also looking at the aspect of how we can do some of the preventative stuff. Whether it is in the data quality or testing area, we are creating some of the automation to implement before something happens.”–Vinay Jha, Executive Vice President and Chief Data Officer, Citizens Bank
To listen to the entire conversation, download the on-demand webinar now.
  • Intelligent Enterprise
  • Portfolio Analytics