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The days of simple risk management are over. Scammers are getting more sophisticated every day. This means businesses need to do more to ensure security and compliance.
A one-size-fits-all approach is no longer viable, among other issues such as the rise of faceless banks and the cost of living crisis. Validation, awareness, and attention to technology investments are just a few of the priorities an organization must make to ensure there are no gaps in its armor.
Simply managing risk is not enough, and companies need to do more as its complexity reaches orchestral heights. Queue risk orchestration.
understand the next evolutionary step in risk management, Francis Bignell,journalist Fintech Timessat together Chris foieSenior Director of Platforms LexisNexis Risk Solutions Thoroughly understand what risk orchestration is. The webinar revealed why risk orchestration is so influential, why fintech is poised for it, and how to start implementing risk orchestration.
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Establishing what risk orchestration is was the first topic of conversation. Through LexisNexis Risk Solutions’ RiskNarrative platform, organizations can transform processes into contextual risk management. This can be device fraud checks, identity checks, etc., and in the end you can manage all the different checks you need. It has to happen in one place. Risk orchestration is the intelligent coordination of these different things while adhering to the organization’s risk appetite and risk-based approach.
After establishing what risk orchestration is, Foye explores some of the latest trends we’ve seen in the sector over the last year and how they’ve impacted risk management and, in turn, risk orchestration. I considered what Regulations, sanctions, labor costs and fraud were all talked about. Focusing on his last one, Foye explained that despite the overall drop in fraud after the pandemic, it wasn’t something that could simply be swept under the carpet.
Our analysis shows that bot attacks are on the rise when it comes to cybersecurity. Interestingly, password reset attacks, which are precursors to account takeovers, are also on the rise.
Having to juggle fraud, regulation, labor costs, and business growth can be daunting. Organizations have turned to digitization to address these challenges, but doing so creates a whole new set of challenges for themselves in the form of customer expectations.
A lot of organizations don’t integrate these processes, which makes it difficult to automate. What that means is people are seeing cases that usually just pass because there’s no real risk around them. They are bound by such cases. Risk orchestration removes this barrier and allows resources to be reallocated where they are needed.
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The conversation turned to why risk orchestration is the next logical step for organizations, especially fintechs, to tackle risk management issues.
The digital world is a highly competitive market and customers can easily find replacements with a single click. Onboarding and retention are very important for organizations. Businesses have stepped into the digital world, but that doesn’t mean they can’t do more.
This is especially true when it comes to complying with regulations and policies. With outdated systems, you’re slow to respond to change, and if you can’t respond quickly, your customers may look for alternatives.
Foy explains the purpose of fintechs and why risk orchestration is right for them: Providing a great customer experience is important.
Legacy infrastructure can hold back incumbents, but fintech companies don’t have this problem, making risk orchestration much easier to implement. Not all fintechs specialize in his KYC. By implementing orchestration technology, it provides a platform for running services while maintaining compliance.
By using a platform like RiskNarrative, fintech companies can be confident they have a platform to grow with them.
When asked about the right size for companies to consider adjusting for risk, Foy explained that there is no one right answer. Customers may have simple or more complex requirements. The beauty of risk orchestration is that it can be applied to any situation.
We understand that businesses are in different locations, which means we don’t have to take advantage of everything from day one, says Foye.
As you grow, you can easily scale the service. You can start with identity verification and potentially expand to screening and document verification. Businesses may be relatively small, but as long as they understand their risk appetite, they can take full advantage of risk orchestration. increase.”
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The webinar concluded with the duo discussing when to start orchestrating risk. In a customer-driven world, Foie stressed the importance of customer satisfaction.
A common sign we see that its time to start orchestrating risk is when organizations are dissatisfied with the level of customer friction they see through metrics such as abandonment rates. Our demanding internal workload is also a good indicator that it is time to implement risk orchestration.
Speed was also highlighted as a major factor in wanting to implement the technology. Foye has historically proven that compliance and speed do not necessarily complement each other. However, this is a thing of the past due to automation.
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Francis Bignell
