Strategic Innovations in Risk Management (Part 2): Architectural Strategies for Growth

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1 September 2013


Financial firms need to rebuild their architectural foundations and leverage rapid advancements to maximize technology innovation, At the same time, they should focus on maintaining resilience and efficacy in risk management and compliance operations.

In the second installment in a series, Strategic Innovations in Risk Management (Part 2): Architectural Strategies for Growth, Celent examines the innovation dynamics happening in risk management as well as the underlying dimensions that drive, facilitate, and profit from these dynamics. The report highlights industry examples and recommends key architectural strategies and IT management approaches to help firms accelerate growth and contain costs.

Firms must be resolute in establishing architectural and IT management building blocks to not only support compliance initiatives, but more importantly, lay the groundwork for sustainable, risk-aligned business change and innovation advantage in the following areas:

  • Discipline and execution of data quality management.
  • Large-scale, next-generation service-oriented approach to technology deployment.
  • Smart architectural and IT management approaches to implement common business, client, and product reference data.
  • Reunification of trading and risk systems driving simplification and speed.
  • Integrated finance and risk data warehousing.
  • Real time architecture for price, market data, and risk analytics.
  • Strategic management and execution levers in IT sourcing and delivery

“Necessity is once again the mother of invention,” says Cubillas Ding, Celent Research Director and author of the report. “Out of the financial crisis, competitive necessity and strategic ambitions are leading forward-looking firms to rebuild the right foundations.

This report provides examples and industry case studies that highlight architectural strategies as well as IT management approaches that will help firms navigate changes and facilitate higher-level business innovation. Case studies and insights are based on what Celent considers best practices at several financial institutions, including Bank of America Merrill Lynch, Barclays, Citigroup, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, and UBS.