Accenture (New York) has launched a global risk management consulting service line that combines deep industry and process experience with its capabilities in data mining, risk analytics and systems integration, according to an Accenture source. Aimed at insurance, banking and capital markets, among other industries, the practice will help companies better identify, manage and mitigate risks and make greater strategic use of risk data and information to support their decision-making processes, Accenture claims.
The new service line will help companies more accurately and quickly identify and evaluate risk-adjusted business opportunities and help them extend their risk management function beyond compliance, according to Accenture. By leveraging the consulting firm's broad risk management capabilities, the service will provide clients with information that supports advanced decision making and early warning solutions that can detect emerging threats and opportunities.
According to Steve Culp, managing director of Accenture's Risk Management service line global operating models, highly networked organizations, rapidly changing customer preferences, volatile financial markets, government regulatory requirements and complex flows of information in today's business environment are all contributing to a growing need for more sophisticated and integrated risk management solutions.
"The global financial industry is at a crossroads in dealing with risk," Culp comments . "Previous models and practices helped to erase years of profits and shareholder-value in a period of months. And, looking forward, we see a rising wave of regulation that will require new levels of transparency and insight to solve for both operational and financial risk. How financial institutions deal with this challenge could effectively determine the fate of their businesses. Our new service line will help banking, insurance and capital markets institutions identify the right path forward and execute to that agenda in this new era of risk management."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio