Insights Thought Leadership

How Financial Institutions Can Mitigate Operational Risk in a Digital Environment




Banks and credit unions are adopting digital technology at a rapid pace, and while it is generating new opportunities and efficiencies, it is also creating new operational risks that must be managed.

Successful mitigation of operational risk requires service request management, operational reliability, and auditable processes. Managing service‑level agreements (SLAs) includes tracking and oversight of performance and quality expectations. Workflow routes units of work through digital and human channels, optimizing resource usage and minimizing failures to meet SLAs. Workflows are designed to alert bankers by sequencing service requests to the top of the queue when SLAs are approaching and exceeding thresholds. Workflow management dashboards provide visibility into all tasks, deals, stages, statuses, and performance of individuals and teams, and the performance of the financial institution as compared to established SLAs for proactive redistribution of units of work and root cause analysis.

If the number of SLA exceptions exceeds configurable thresholds, bankers and leadership should be notified in order to proactively mitigate risk. Operational outages and unreliability can cause interruption and time lapse leading to failure to meet SLAs, customer dissatisfaction, abandonment, and attrition. With ARGO’s Early Detection Monitoring Service (EDMS), financial institutions are reducing engagement time related to diagnosing and resolving operational issues, and ARGO’s support service helps eliminate common outage disruptions, reduce customer friction and minimize customer dissatisfaction.

ARGO actively monitors roughly 25 billion network transactions per year. In the last twelve months, ARGO customers experienced 99.997 percent operational reliability for our servers, and the solution predictively identified 65 percent of the issues that would have ultimately resulted in outages -- effectively preventing over 140,000 hours of desktop outages.

This high level of operational performance enhances institutional reputation, and significantly reduces operational risk while increasing efficiencies and reliability for the financial institutions we serve.

For more information on how this can help your institution, visit the “Reducing Risk in the Omni-channel Delivery Environment” interview brief.


Download Reducing Risk  in the Omni-channel Delivery Environment