Governance, Risk and Compliance

Podcast: Do You Have the Right Risk Data?

How do you get a holistic view of your risk profile? What risks are you taking with a new product? Do you have the right risk data to understand your organization’s vulnerabilities? Listen as our Director of GRC Product, Amanda Cohen, shares a new way to think about your enterprise risks on the Fintech Newscast with host John Vasconcellos.

On Resolver’s product differentiators:
“A lot of our competitors or people in this space really think about “What you need to do to prevent things from going wrong? So it’s very focused on, “Do you have the right policies in place? Do you have the right procedures in place? Are you feeling prepared for that event that could catastrophically impact your business?” says Amanda. “Where we find that we’re differentiated is that we have a really big presence with incident management and security risk management. And what that really means is that we’re not only just looking at the preventative side of the business and what risks could materialize ultimately causing disruption to your business, but what are the things that are happening every single day on the ground?”

That could be some kind of breach, suspicious transactions, or customer complaints, suggests Amanda. It could be things as easy as a slip and fall. Events which constantly occur at the same time, like theft or vandalism. “But when you feed those types of insights of the things that are happening day-to-day in your organization [into Resolver], and then you pair that with your risk management program, you have a much better understanding of how well you’re actually doing from a risk management perspective.”

On financial institutions and changes to the economy:

“We’ve always seen traction with financial institutions. They are heavily regulated in this space. And so that’s always been an area of focus for us, but we’re ultimately seeing a lot more maturity in less regulated areas,” says Amanda. “So in a lot of FinTech organizations, the level of regulation that you have to adhere to is a little bit different, but we’re seeing a lot more traction there and a lot of innovation on how they want to use risk data to make better decisions.”

Amanda says we’re seeing this across the board with the global pandemic disrupting businesses and the current rising of interest rates, for example. “People don’t want to be caught off guard. People don’t want to be surprised. And so that emphasis on a risk program in building maturity into your risk function has really seen a lot of traction, particularly over the last two, three years.”

On trends in risk management:

In terms of trends that we’re seeing across the industry, Amanda says it’s a lot more about sharing information across different parts of the business. “A lot of these teams were operating independently for a long time. So you might have had your incident management team or your investigations team in one side of the business, you had your regulatory compliance group on another, your audit group—which is meant to be segregated, but independent in another part of the business—and risk somewhere else. And there was a lack of sharing of information across these teams.”

A lot of Resolver’s customers are looking to disband solutions that are focused on one particular problem, and bring all this data together. Amanda talks about the common experience of providing information to the audit team, only to be followed by the compliance team shortly after for similar information, which wastes valuable time. With Resolver’s AI-enabled, centralized risk data, audits and reports can be shared quickly in an easy-to-digest, unified manner, so that your organization can focus on driving business value rather than ticking boxes. “The trend we’re seeing across the board is people want to integrate their data. They want to share their insights, and then they want take advantage of the resources across the company.”

Don’t miss our favorite takeaways:

[3:55-5:04] Why Resolver and parent company, Kroll, are a match made in heaven

[13:20-14:02] Getting to know what the Resolver team looks like and their knowledge base

[16:40-18:42] Current risk trends across the industry

Listen to the full episode: