The Financial Brand Insights - Spring 2022

Strategies must consider the resilience of end-to-end business services in the context of the resources supporting the service including IT, people, third parties and facilities. Traditionally, firms managed data in silos with different systems of record for IT, procurement, HR, Facilities, contract management systems, etc. Today, merely staying within your risk tolerance is not good enough for resilience. Making this data easily accessible and easy to visualize will expose any resilience gaps or challenges. Ultimately, the goal of operational resilience is to create the foundation you need to respond to unforeseen events while keeping business services operating effectively. Put processes in place that will help you review performance, including KPIs and KRIs. Develop a plan for a case in which these technologies do not reach your standards and communicate them to your team and regulators. When these situations inevitably arise, you’ll be able to address weak systems and processes efficiently and effectively without disruption of your key business procedures. At the end of the day, operational resilience is about continuously adapting. Don’t limit yourself to stagnant processes or investments. The Role of Technology Data is at the heart of operational strategy. As the need for robust operational resilience strategies grows across industries, some leading technology companies, such as ServiceNow, are developing

software solutions to gathering, managing, and analyzing this data. These leading cloud computing platforms help companies manage digital workflows for enterprise operations, and are a key enabler of long-term operational resilience strategies. Their governance, risk, and compliance (GRC) solutions combined with other enterprise data workflow solutions such as IT operations management offer a technology solution to combat organizational silos and integrate data and workflows across departments and business units.

engagement with stakeholders for response and recovery. This capability can be used across the organization for a unified and consolidated source of data to analyze and support informed decision- making. It enables your organization to be forward- looking, making educated decisions based on accurate and timely data and, where possible, to automate, thus improving efficiencies. That way, your organization has one source for data, empowering you to ensure operational resilience every step of the way.

and evaluating what people and processes are required to manage the system. For this reason, most firms opt to bring in consultants with the skills, knowledge and experience that comes from delivering these outcomes for other enterprise financial services firms. To do that, you and your team must have the right technology to support a long-term strategy, built upon a process rooted in continuous improvement. With expert guidance, the right technologies, and strong, future-proof processes, you’ll be well positioned to implement an operational resilience strategy that satisfies near- term needs while driving long-term outcomes. ▪ About Crossfuze Crossfuze is a ServiceNow Elite Partner with deep expertise developing and executing on operational resilience strategies for financial services firms. Their team of consultants focus on delivering necessary outcomes to ensure success for their clients’. Reach out at LetsTalk@crossfuze.com to learn more about how your financial institution could utilize ServiceNow to prepare for the changes ahead. Visit crossfuze.com.

Want to learn more? Webinar: The Long Game of Operational Resilience in Financial Services

Additionally, digital workflow solutions enable organizations to: • Set appropriate risk indicators and define targeted operational parameters • Measure in real time through continuous monitoring as well as establish trends over time through analysis • Provide business context around risk and resilience • Streamline processes involving the right stakeholders from an operational, managerial, and oversight perspective • Ensure that all activity has the appropriate feedback to improve over time, adapting where necessary Continuity of service is assured when your enterprise has the capacity and capability to identify, record and develop workflows, and involve timely

Resourcing Capabilities in Operational Resilience

Hear from industry experts analyze trends in the Financial Services industry and learn how firms are leveraging the power of ServiceNow as they develop strategies for operational resilience. Register today

Your technology solution is only one piece of the strategic puzzle. You also need the insight and expertise to implement the solution in a way that suits your firm’s specific needs for both near and far term. As you plan your strategy, ask yourself: • Does the solution solve the problem in a way that is both effective and efficient? • Do you know what resources you need to implement the strategy, and do you have access to them? • How difficult will this strategy be to implement? Achieving success within the necessary timeframe is a steep challenge. It involves determining which technologies to invest in, how and to what extent they should be deployed,

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THE FINANCIAL BRAND INSIGHTS SPRING 2022

THE FINANCIAL BRAND INSIGHTS SPRING 2022

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