Bank of America: In Pursuit of Operational Risk and Compliance Excellence
Celent Model Bank Award: Bank of America: In Pursuit of Operational Risk and Compliance Excellence
Winner of Celent Model Bank 2017 award for Risk Management. Bank of America's goal is to standardize and raise the quality of operational risk and compliance data reporting processes in order to improve its ability to make more fully informed risk decisions.
Banks continue to struggle to extract consistent and meaningful insights from their operational and compliance risk assessments. Overlapping operational risk and compliance assessments and duplicative monitoring and testing activities complicate decision-making.
The initiative focuses on the standardization and automation of key risk information that is critical to managing all aspects of operational risk and compliance. This is no easy feat in an organization the size of Bank of America. The initiative also fulfills two of Bank of America's core principles: Pursuit of operational excellence and ownership of risk management by all. And one cannot be achieved without the other.
The integration of risk data and the standardization and automation of processes has led to a notable increase in accuracy and productivity.
"Bank of America has tackled one of the key challenges facing the banking industry: that of the high levels of investment and resourcing costs involved in the management of risk and regulations," commented Joan McGowan, Senior Analyst in Celent's Banking practice. "Bank of America took a practical approach to improving its operational and compliance reporting which, in turn, made it easier for management to make more informed risk strategy decisions."
Bank of America ORCIT Platform Produces the Desired Results
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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