Thomson Reuters has extended its Connected Risk platform to include a commercialised risk management solution designed to help customers develop more holistic, effective risk management programmes aligned with their risk methodology and business strategy. Thomson Reuters Risk Management is the latest solution added to Connected Risk. It assembles diverse types of risk and delivers a holistic enterprise risk management view that provides insights necessary for better informed decisions.
The solution is designed to bypass the problem of using several solutions to cover different areas of risk, such as operational risk, regulatory risk, legal risk, tax risk, settlement risk and model risk, and offers overarching risk management.
Gareth Evans, managing director, Enterprise Risk Management at Thomson Reuters, explains: “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 customers in order to know and optimise their total risk parameters and opportunities.”
The Risk Management solution is designed to help save time and costs. It also allows financial services and corporate customers to tailor their own risk solutions on the Connected Risk platform or take the out-of-the-box risk product and refine it to meet specific needs. Evans adds: “This bespoke, holistic approach is designed to help customers better manage the unprecedented volumes of regulatory change and operational complexity they face daily.”
The solution includes a flexible assessment engine that uses dynamic building blocks that consider the unique methodology of each customer and powerful data mapping capabilities to draw on many sources of data when completing a risk assessment. A full history of a customer’s risk profile is tracked and is reportable through an integrated reporting engine.
Thomson Reuters brought Connected Risk to market in early 2017. It allows customers and partners to tailor an array of solutions to meet their needs. Deployment can be accelerated by using configurable out-of-the-box solutions that Thomson Reuters has developed in conjunction with customers and advisory firms for the most popular risk use cases.
Solutions released recently include Model Risk Management, which helps institutions demonstrate a real-time understanding of their model risk landscape, and Audit Management, which enables firms to better assess risks and increase the efficiency of the auditing process. Other solutions include SIIA CODiE Regulatory Change Management, which informs and manages regulatory change processes and is integrated with Thomson Reuters’ Regulatory Intelligence feed.