Eighty-two percent of risk managers responding to a survey by The Conference Board indicated their companies are making a substantial effort to manage reputational risk. Damage to the institution’s brand and standing in the community results from breaches or the perception of breaches or system outages. These failures in risk management cause negative publicity, erosion of public perception, reduced prospect and customer trust, diminished confidence with partners and investors, and revenue loss, reducing attractiveness to customers, investors, and talent.
Technology-driven risk mitigation optimizes both proactive and reactive counteractions and protects the institution and its stakeholders. For example, customer self-service expectations include 24/7 system availability, reliability, and security. By preventing outages, the institution reduces customer frustration, dissatisfaction, and attrition caused by the inability to complete fulfillment requests and transactions.
Reducing fraudulent activity protects the institution’s reputation as a safe environment in which to conduct business. With a solution in place that provides consistent and transparent processes the financial institution’s responsibility to regulatory oversight and supervision is solidified. The requirements, restrictions, and guidelines that a financial institution may be subject to can be systematically enforced, captured, and tracked within the solution, simplifying a financial institution examiner’s job to audit and administer regulatory compliance and reducing the reputational impact of negative performance.
Consumers demand not only the convenience of Omni-channel access, but also the security that comes from knowing that they are transacting financial business in a protected environment. ARGO’s Connects mitigates the damage caused to an institution’s brand and reputation by safeguarding the institution’s balance sheet and valued trust with its community of stakeholders.
Download ARGO’s Reducing Risk in the Omni-channel Delivery Environment interview brief.