Add to this the fact that many banks’ technology infrastructure is outdated, and there is now an urgent need to update risk management. Instead of evaluating threats in silos, banks have to be able to understand how different events are interconnected. They also need to identify and quantify risks rapidly and
respond immediately.

They also have to work even more closely with the finance function so they can use risk data to evaluate opportunities quickly and accurately. What level of liquidity will generate a certain margin on a new banking product? How much additional capital will achieve higher returns in a particular market segment? Banks can only answer these questions if their risk data and the analysis of this data are integrated and
accessible to everyone who needs them.

Bringing data, analysis and processes together also helps banks make more informed decisions about customers. Imagine how much more insightful credit decisions and how much more powerful marketing campaigns could be if banks had all of the data about their customers in a central location.