Risk

Enterprise Risk & Compliance
Globally BFSI organizations are continuously challenged in a dynamic environment of increased regulatory scrutiny, raised expectations with respect to corporate governance, complex risk management and compliance requirements. CROs need to navigate this environment with disintegrated business units and disparate systems for Risk and Compliance which can prove to be inefficient, costly and unsustainable.

We, at Polaris Enterprise Risk & Compliance practice, understand the challenges the Risk & Compliance community faces today. We offer end-to-end Risk & Compliance management services to help you to create a better Compliance & Control environment at a reduced cost.

Created for a single risk repository for performing risk analysis that reduced report generation time by 50% and improved overall team bandwidth by 10%. Over 250 PDF reports were replaced by 26 intuitive and configurable visualization dashboards, dramatically increasing speed of risk analysis and decision making.

Leveraging Polaris' proprietary Enterprise Risk & Compliance Management Framework (ERCMF), we provide an integrated approach to manage Governance and Risk across all four Risk domains: Credit Market, Operational and IT risks. Our ERCF based solution provides near real-time insight into changing business conditions, increases collaboration among business units & functions and brings transparency into the GRC processes across the BFSI LOBs. We have helped several Tier 1, 2 & 3 BFSI organizations deployed ranging from large global to mid-tier financial organizations, covering the entire spectrum of the financial sector including Central Banks, Federal Financial Agencies, Asset Management firms, Retail Banks, Broker-Dealer firms, Investment Banks, Stock Exchanges, Clearing Corporation among several others.

Practice highlights

  • BFSI Risk & compliance management community for the last 18 years
  • A balanced team of technology and subject matter experts across globe
  • 2,500+ person-years of Consulting experience
  • A balanced team of technology and subject matter experts across globe
  • Six out of ten from top tier 1 BFSI organizations as customers

Our ERCMF framework
Research & Industry trends shows that the current vertical Risk and Compliance implementation footprint brings in important challenge of dealing with siloed Risk & Compliance initiatives within BFSI LOBs which in turn is leading to higher cost of compliance and ineffective Control environment. Polaris’ Enterprise Risk & Compliance Management Framework (ERCMF) addresses Enterprise Risk & Compliance needs as an integrated approach focussing on Compliance requirements of the major regulatory requirements of the market. ERCMF is supported by a state-of-the-art Risk & Compliance Operations Hub, a Polaris proposed co-managed Operational hub.


Our Risk Visualization Offering
Gain superior oversight with centralized views of aggregated risk data in real time, all presented in Intuitive user interfaces – including dashboards, charts, diagrams and maps – along with visual alerts in real-time allowing you to take quicker action with confidence. Polaris' Risk visualization offering drive towards evolved risk appetite framework productivity, improvement in quality reporting, risk and data management by:

Created AML monitoring application for a top-10 global bank that supports 22,000 users and 8.9 million transactions worldwide every day.

  • Building data model for risk result repositories
  • Conceptualizing visualization with pre-built analytics
  • Creating dashboards with various measures in multiple dimensions
  • Concise and consistent representation of voluminous data

All the above services that form individual components of our Risk visualization extensively use Polaris' Risk Visualization Framework and Library

Risk Reporting Factory
Polaris' helps customers to establish “Regulatory Reporting Factory” as a service to BFSI organizations. While there are multiple regulatory requirements across geographies, it is important to build upon a commonality of the data lakes coming feeding into applicable standardized reporting.

Polaris implements the Regulatory Reporting Factory using its proprietary Risk Reporting and Risk Data Framework. The factory facilitates reporting based on multiple regulatories, such as Basel III, Dodd Frank, Volcker Rule or any local regulatory requirement across LOBs and businesses using common tools and technologies. The charter of Regulatory Reporting Factory would be:

  • Providing a standard data set for addressing multiple reporting
  • Creating a template mart for all regulatory reporting – Basel III, Dodd Frank, Volcker Rule, etc.
  • Implementat services for third-party products

Some of the key benefits are:

  1. Reduction of cost by rationalization of reporting applications, risk data and duplicity of reporting
  2. Efficient regulatory compliance in a dynamically changing & demanding regulatory landscape
  3. Facilitates Central reporting engine framework
  4. Facilitate centralized – decentralized regulatory reporting

The rationalization that comes in the form of this regulatory reporting builds regulatory expertise that help interpret and comply with any changing regulations quickly and will cater to any ad-hoc information required by regulators.

Polaris Risk & Compliance enjoys strategic alliance & partnership with some of the Product market leaders in Risk & Compliance domain to deliver Product implementation & Integration services to our customers. Our key strategic partners provide Risk & Compliance platforms in the following areas:

  • AML & Trade survelience
  • Valuation & Risk Analytics
  • Enterprise Risk & Compliance Management suite of applications
  • Operations Risk
  • IT Risk

Risk & Compliance Hub
Risk & Compliance Hub is based on ERCMF and provides a central platform to operationalize banks' risk and compliance policies. It provides common services and LoB specific services across all LoBs of the bank comprising all Risk areas such as Credit Risk, Market Risk, Operations Risk and IT Risk through implementation and support of risk engines, data warehouses and reporting engines. The risk management services spanning across all the risk areas are covered through three solution components given below:

  • Risk & Compliance Centre of Excellence (CoE) - A shared service group comprising of Risk computation engines, best practices, R&C; process enactment and governance
  • Data Aggregation - Here consistent data is available for processing
  • Regulatory Hub - This consists of analytical and reporting engines