Whoever passed around the memo about aligning IT with the business apparently forgot to give it to people who work at banks. A recent article from Forbes goes so far as to say many business leaders feel “disdain” towards their IT risk management staff, and that those same IT staffers are pretty frustrated with budgetary constraints and what they see as a lack of clear direction. Banks have to work pretty hard these days. With service demand growth gradually decreasing and regulations like Basel III increasing, banks have to make liquidity work harder—while implementing solutions just in time to avoid penalties. Part of the problem is that many banks and financial services companies continue to rely on legacy tools that are just not suited to address today’s needs. Promising technology solutions exists outside the traditional IT risk managementbox. An ideal solution incorporates dispersed data that is aggregated from a central in-memory database host. Unlike a single centralized in-memory database solution, this will best serve the needs of different banking units, while also preventing the massive build-up of pressure that would occur on a single system. Considering a major bank may spend half a billion dollars on regulatory compliance, it’s easy to see why fingers can start pointing when things don’t go according to plan. And while it clearly sucks to be “disdained,” the situation offers risk management staffers an amazing opportunity to turn it all around by presenting the case for new solutions that generate business value. Visit our Financial Services Solution Center to learn more.
By: Ian Goldsmith