Future of Operational IT Risk Control in Banking

Operational IT Risk Control Platform

Constant struggles in the IT Risk Control portfolios of COO, CIO, IT Area Leads and DevOps engineers, are predominantly because of lack of data driven, end to end chain control views. 

Summary

Let’s try to understand what are these use cases, and which player play which role. We explain the story with the help of imaginary Bank and data set produced. This Data Set is covering different scenarios of money movement between individuals, institution to individuals and institution to institution. Goal of this Data Set is to mimic a supporting processing chain from the prospective of Financial Institution (such as Bank) and, elaborate on role of different applications serving the Business Process of Money Movement. Additionally, you would get familiar with the onboarding journey for SysAnalytix platform and get an idea of how data is used for learning and providing Artificial Intelligence powered Operational Chain Control for this dummy Financial Institution.

Money movement between Individuals

Periodic Money Movement between Institution & Individuals

Let’s take a scenario where an Employer has a Salary Commitment with its Employees and wants to pay Salary to them via a Financial Institution (Bank)

Money Exchange between Institutions

Or, a different scenario, where Institutions are involved in Money Movement, because of different reasons such as different Business Geographies, Currencies or other Customer Segments

Customer engagement pattern for a Bank

Amidst all these different User Journeys, for the Financial Institution, it is a Money Movement, irrespective of parties involved and and the actors like below

Internally, with the bank, this will be supported by a Business Process consisting of different Business Applications Logical Business Application supporting Customer Engagement

Logical Business Application supporting Customer Engagement

Further, these Logical Business Applications are realised by Physical Application Components which constitute part of the Overall Application Landscape for Financial Institution

Application Component View

Looking further, for realizing a Transaction (such as Money Movement between Individuals), bunch of applications will be involved depending on type of Money Movement, different processing trails will be formulated.

Transaction Processing Trail view

How will Operational IT Chain control work?

Data – Feed – Operational Control

Coming back, as we are trying to mimic the Money Movement as seen by the Financial Institution, the Demo Data Set will feed these Processing Trails in SysAnalytix ecosystem for your Tenant Domain and accordingly you would be able to enjoy the rich feature listing of SysAnalytix Platform.

Beyond the Demo Data, when you would like to hook up data sources of your organisation securely in SysAnalytix Platform, you can get more information in Data Shipper space which covers several possibilities of Data Feed such as Business Events, Application Logs, and Metrics etc.

Written By Syscontrol BV

Operational IT Risk Control Platform powered with Artificial Intelligence

Comments

1 Comment

  1. Srinivasan Ranganathan

    The problem statement sounds interesting … there is definitely a need to have a connected view with clear impact analysis. If prediction power can be coupled on top of it then it would be perfect.

    Reply

Submit a Comment

Your email address will not be published.

Related Posts

No Results Found

The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.

error: