Financial services and corporate sectors today remain challenged with finding a solution that encompasses an enterprise-wide view of risk management, instead of accepting a solution that only addresses a subset of enterprise risk management (ERM), such as operational risk, regulatory risk, legal risk, tax risk, settlement risk, model risk, and other non-financial risks. Thomson Reuters Risk Management, the latest solution on the Connected Risk platform, assembles all these forms of risk to deliver a holistic ERM view that delivers the connectivity and insights necessary for better informed decisions that are aligned with agreed-upon business and risk strategy. 

“With the increased and ongoing rate of business-operations change, a comprehensive and effective risk management solution is no longer a nice-to-have option. It has become a necessity for our customers in order to know and optimize their total risk parameters and opportunities,” said Gareth Evans, managing director, Enterprise Risk Management at Thomson Reuters. “Our Risk Management solution not only helps save time and lowers costs, it also allows financial services and corporate customers to tailor their own risk solutions on our platform or take our out-of-the-box risk solution and refine it to meet their specific needs. This bespoke, holistic approach embodied in our Connected Risk platform is designed to help our customers better manage the unprecedented volumes of regulatory change and operational complexity they face daily.” 

Will Jan, vice president and lead analyst at Outsell, commented: “Effective risk management requires accountability. Identifying sources of risk is only part of the equation. Knowing who will execute the mitigation or remediation plan is critical in ensuring business continuity. It is therefore important to maintain a holistic approach to identifying enterprise risk in order to minimize risk silos, while emphasizing that the information needs to be in the context of the stakeholders’ workflow to ensure swift execution of corrective measures.”

Thomson Reuters Risk Management provides a holistic approach to risk management, enabling teams to track various forms of risk across their organization, using a single solution that fosters better-informed decision making and optimizes risk management to deliver a competitive advantage. The Risk Management solution works around individual organizational needs and is highly configurable, molding itself to meet specific requirements. A flexible assessment engine uses dynamic building blocks that take into account the unique methodology of each individual customer and powerful data mapping capabilities to draw on many sources of data when completing the assessment. A full history of a customer’s risk profile is tracked and is reportable through an integrated reporting engine.