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Risk Management and Financial Predictive Analytics (FPA)
The Requirement
From 2003-07 a lengthy debate took place around the question of banks' adoption of Basel II, i.e. their reluctance, and issues around investing in internal models. Regardless of the Basel II approaches that banks adopt or supervisors require, there will always be an economic capital based argument to risk-align capital reserves.
Through the Basel II implementation period in Europe there remained resistance to the implementation of robust Financial Predictive Analytic (FPA) toolsets in banking and insurance. As is now commonly understood, this process was not enforced by supervisors.
If the financial services industry is to exit the Credit Crunch period in the private sector in as short a time horizon as possible then commitment to FPA is fundamental. Banks are expected to increase spending on risk and compliance software to meet the lessons learnt from the credit crunch and the ongoing requirements of regulations such as Basel II.
The Banks are starting to cross a threshold where the manual, piecemeal, reactive approach to understanding how change affects IT service delivery is no longer sufficient or cost effective.
No-one is tighter on time right now than banking IT units working to respond to the ever more intensive requirements effectively sourced outside of their own organization in banking supervisors, regulators and accounting standards; in specific Basel II and IFRS7.
