Ventana Research awarded our Governance, Risk and Compliance (GRC) Business Innovation Award for 2016 to IBM for IBM Regulatory Compliance Analytics, powered by Watson (IRCA). This application of cognitive analytics is designed to streamline the identification of potential regulatory requirements and suggest methods for compliance. In so doing the cloud-based system can cut the time and cost of compliance while creating an effective means of ongoing management and control of compliance processes.
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Topics: GRC, Machine Learning, Office of Finance, Dodd-Frank, Risk Analytics, compliance, finance, Financial Services, Watson
Nomis Solutions Targets Price and Revenue Optimization in Financial Services
Posted by
Ventana Research on Apr 29, 2015 8:27:10 AM
Price and revenue optimization (PRO) software uses analytics to help companies maximize profitability for any targeted level of revenues. PRO utilizes data about buyer behavior to gauge individual customers’ price sensitivity and predict how they will react to prices. It enables users to charge buyers who appear to be less sensitive more than those who appear more price-sensitive. PRO is a significant departure from inward-focused, single-factor pricing strategies such as cost-plus pricing or, in the case of financial services, risk-based pricing (using a borrower’s credit score, for example). Instead it offers a multifaceted customer-centric analytic approach to pricing built on analysis of large sets of data.
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Topics: Office of Finance, Revenue Performance, Nomis Solutions, Business Performance, Financial Performance, Financial Services
Requirements for Becoming a Strategic Chief Risk Officer
Posted by
Robert Kugel on Apr 17, 2014 9:54:44 AM
The proliferation of chief “something” officer (CxO) titles over the past decades recognizes that there’s value in having a single individual focused on a specific critical problem. A CxO position can be strategic or it can be the ultimate middle management role, with far more responsibilities than authority. Many of those handed such a title find that it’s the latter. This may be because the organization that created the title is unwilling to invest the necessary powers and portfolio of responsibilities to make it strategic – a case of institutional inertia. Or it may be that the individual given the CxO title doesn’t have the skills or temperament to be a “chief” in a strategic sense.
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Topics: GRC, Office of Finance, Chief Risk Officer, CRO, ERM, OpenPages, Operational Performance, Business Analytics, Business Collaboration, Business Performance, Cloud Computing, Data Governance, Financial Performance, IBM, compliance, Data, Risk, Financial Services, FPM
IBM Integrates Risk Management for Financial Services
Posted by
Robert Kugel on Dec 18, 2013 9:47:52 AM
Integrated risk management (IRM) was a major theme at IBM’s recent Smarter Risk Management analyst summit in London. In the market context, IBM sees this topic as a means to differentiate its product and messaging from those of its competitors. IRM includes cloud-based offerings in operational risk analytics, IT risk analytics and financial crimes management designed for financial institutions and draws on component elements of software that IBM acquired over the past five years, notably from Algorithmics for risk-aware business decisions, Open Pages for compliance management, SPSS for sophisticated analytics, Cognos for reports, dashboards and scorecards, and Tivoli for managing all of this in a Web environment. Putting its software in the cloud enables IBM to streamline integration and maintenance, offer more flexible deployment and consumption options and potentially lower the total cost of ownership.
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Topics: Supply Chain Performance, GRC, Office of Finance, Chief Risk Officer, CRO, ERM, OpenPages, IT Performance, Operational Performance, Business Analytics, Business Collaboration, Business Performance, Cloud Computing, Customer & Contact Center, Data Governance, Governance, Risk & Compliance (GRC), IBM, Information Applications, Information Management, Operational Intelligence, compliance, Data, Risk, Financial Services, FPM
Nomis Advances Price Optimization in Financial Services
Posted by
Robert Kugel on May 7, 2013 10:14:38 AM
At this year’s Global Pricing Forum, host Nomis Solutions announced the availability of its Discretion Manager software, which supports dynamic price negotiations. The annual event brings together thought leaders and practitioners interested in pricing. Nomis currently has 17 of the largest 100 banks as customers. With more customers, this year’s event had larger attendance than last year’s.
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Topics: Big Data, Sales, Sales Performance, Office of Finance, credit, financial analytics, Nomis Solutions, PRO, Operational Performance, Analytics, Business Analytics, Business Performance, Financial Performance, banking, Financial Services
Nomis Global Pricing Forum Highlights Pricing Optimization
Posted by
Robert Kugel on May 8, 2012 10:26:27 AM
I recently attended the 2012 Global Pricing Forum hosted by Nomis Solutions, a provider of software and services to banking and finance companies. This annual event brings together thought leaders and practitioners in the area of pricing and revenue optimization (PRO). This technique uses analytics to sift through large data sets to tease out customer behavior characteristics, identify customer segments and quantify their price sensitivities. These complex calculations require software designed for the purpose, but most in the financial services industry rely on older methods that produce less-than-optimal results. Analytics can help organizations more carefully manage the process of defining offers to customers (especially the levels of discretion offered to account managers and sales people) and the terms and conditions.
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Topics: Sales, Sales Performance, Supply Chain Performance, Office of Finance, credit, financial analytics, Nomis Solutions, PRO, Operational Performance, Analytics, Business Analytics, Financial Performance, banking, Financial Services
I believe that one of the more important analytical applications that a company can implement is profitability management. IBM Cognos offers Profitability Modeling and Optimization as part of its Cognos 10 offering that my colleague has assessed. As I’ve noted, most people in a corporation are focused on profitability, but not necessarily in a way that optimizes results across the organization in a day-to-day, consistent fashion. Those responsible for each component piece that contributes to profitability (such as departments, product lines or divisions) have objectives, but in pursuing these individual objectives they may make decisions that degrade the overall profitability of the corporation. Moreover, companies rarely seek to maximize short-term profits. They routinely make decisions that diminish their bottom line, such as promotional pricing, warranties or services included at no additional cost, with the aim of achieving strategic objectives. The question they must answer in making these decisions is whether these moves are justified. Similarly, they also must ask what they are including in their offer that they might be able to charge more for, such as shipping or warranties.
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Topics: Performance Management, Sales Performance, Forecast, Modeling, Office of Finance, enterprise profitability management, Operational Performance, Business Analytics, Business Performance, Financial Performance, IBM, Workforce Performance, Cognos, Financial Services, Profitability
Algorithmics Acquisition Deepens IBM Software for Financial Services
Posted by
Robert Kugel on Sep 3, 2011 9:55:16 AM
IBM’s announced pending acquisition of Algorithmics is an important addition to the company’s portfolio of business applications aimed at financial services companies, and it is thematically consistent with its other acquisitions in risk management and analytics such as IBM’s OpenPages risk management documentation that I have already assessed. It’s also a good fit for IBM’s professional services organization, which has a significant position in the financial services industry.
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Topics: GRC, Office of Finance, Dodd-Frank, Business Performance, Financial Performance, compliance, capital adequacy, financial regulation, Financial Services
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