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      REPORT
      VIDEO
      Bank of America: Improving Operational Resilience with Virtual On-Watch
      Model Risk Manager 2023 Award for Operational Resilience
      28th March 2023
      //Bank of America: Improving Operational Resilience with Virtual On-Watch

      Bank of America's Operational Intelligence team developed Virtual On-Watch to automate incident response workflows. The tool improves operational resilience by reducing downtime of BofA systems. It automates and orchestrates communication and collaboration of the response team as well as provides them with near real-time intelligence to enable accurate decisions during triages. The adoption of VOW has brought triage initiation time down to 2 mins from 15‐17.

      Author
      Ian Watson
      Ian Watson
      Head of Risk
      Ian Watson
      Details
      Geographic Focus
      North America
      Horizontal Topics
      Risk: Banking Risk, Risk: Cybersecurity, Identity and Trust, Risk: Financial Risk Management, Risk: Financial Services Risk, Risk: Fraud & Financial Crime, Risk: Governance, Risk and Compliance (GRC), Risk: Know Your Customer / Customer Due Diligence (KYC/CDD), Risk: Operational Risk Management, Risk: RegTech