Finance, Risk & Compliance
For many years, performance management has been the priority of finance departments with numerous projects focused on budgets, projections and modeling. Today, new issues of management and valuation are emerging with Digital.
The Finance, Risk and Compliance functions face many challenges
Robotization and automation (RPA) are accelerating to improve productivity and eliminate certain repetitive tasks that are not very rewarding for the employee. Numerous decision-making tools are being implemented to limit risks and secure decisions, with the promise of guaranteeing a return on investment.
Big Data, boosted by the Cloud, is increasingly used in all areas: from customer knowledge to risk management or compliance, the objectives are to improve profitability and minimize risks. Big Data, associated with Data Science, allows massive and rapid processing of information. It contributes to the fight against fraud by identifying suspicious movements. It also helps to improve customer relations - the advisor has a large amount of data about the customer, which will enable him to personalize the relationship and process the request more efficiently.
A large amount of data is collected, mostly sensitive customer information. It is therefore necessary to secure it. In this security logic, blockchain has found its market. This technology for storing and transmitting information is transparent and secure, and ensures the authenticity of the data without having to go through a third-party company. It remains to acquire all its letters of nobility through a relationship of trust to be established.
With the health crisis, some departments have also had to adapt to new working conditions with the introduction of teleworking, for example. The Finance, Risk and Compliance functions are thus facing many challenges, including agility and collaborative working, which must enable them to adapt effectively to the various changes in the environment and thus ensure their competitiveness.