Successful risk management is crucial for all financial institutions. A successful delivery strategy enhances risk protection through technology, workflow management, and predictive and decision analytics within a customer-centric delivery model.
To be successful, institutions need to utilize a technology infrastructure designed to identify and reduce risk in an Omni-channel environment throughout every stage of the customer journey. While the rigors of risk management may appear to be at odds with frictionless customer experience and customer centricity, they are critical for the protection of both the institution and its consumers.
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. Financial institutions need to incorporate risk detection and mitigation across five categories:
- Customer risk - Validating consumer and business identity and attrition factors.
- Credit risk - Protecting the institution from loss due to bad debt.
- Operational and transactional risk- Ensuring internal controls, operational reliability, and workflow management for transaction processing.
- Compliance risk - Operating within a complex and constantly evolving regulatory environment.
- Reputational risk - Protecting the institution against damage to the brand and community standing.
The damage caused to an institution’s brand and reputation due to failure to mitigate risk can be swift and devastating. ARGO Connects risk management safeguards the financial institution’s balance sheet and valued trust with its customer and stakeholders.
Download ARGO’s Reducing Risk in the Omni-channel Delivery Environment interview brief.