Digital technology has made the risk management process more complex. Customers have more options than ever before, and they’re increasingly taking advantage of those options and moving to digital channels, including nonbank entities. As a result, banks are aggressively focused on offering new banking products and services as quickly as possible to attract the next generation of customers.
But in their haste, many banks often make the mistake of not including risk and compliance teams in the early stages of new product development. Waiting too long to bring in risk and compliance teams can delay the release of new banking products or services – or result in fines from regulators.
By taking an integrated approach to risk management that proactively identifies and mitigates potential risks from the beginning, organizations can launch new bank products faster.