Risk Management A Strategy for Success
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- Virgil Ward
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1 SEI Executive Connections Insights Risk Management A Strategy for Success The Opportunity of Risk Enterprise Risk Management is a critical focus of every wealth management firm. Today, business leaders are faced with multiple industry challenges that put significant risk pressure on their current business models. Risk is often equated with regulatory reform; complying with legislation such as Dodd-Frank, the Bank Secrecy Act and the Anti-Money Laundering Act is a constant challenge to wealth management firms. However, navigating a complex regulatory environment is only a piece of a firm s risk management profile. In today s world, wealth management organizations are often dealing with multiple enterprise risk focus areas. The primary goals of risk management are to support a firm s business strategy and growth by sustaining its financial strength and protecting its assets, while complying with regulation. It is critical that organizations institute formal Enterprise Risk Management (ERM) policies and procedures to enable future growth and overall business success. ERM is one of the most talked about and complex areas of wealth management business today. In this chapter of our SEI Insights series, we take a closer look at one specific area: how outsourcing and technology can play a critical role in a firm s approach to ERM. We will explore: Improving risk management through outsourcing Converting disparate data points to integrated information to more effectively run wealth management businesses Balancing increased risk management with cost pressures Increased efforts around risk management can be overwhelming and viewed as barriers to growth. But by rethinking your current business model, these perceived barriers could actually provide great opportunities. Improving risk management through outsourcing is one avenue firms should consider.
2 The Role of Outsourcing in Risk Management Given the sensitive nature of wealth management, outsourcing is not a decision that should be made lightly. Extensive due diligence is critical before partnering with an outsourcing provider, but we believe there are definite benefits to firms who are willing to make the change. As we addressed in our Legacy of Legacy Systems paper, today s wealth management firms can be managing 20 to 50 different systems and equally as many third-party vendors. Proper risk management governance requires thorough investigation and active monitoring of each of these vendors and systems. When a firm consolidates its many systems by outsourcing its operations, hosting and infrastructure to a single provider, much of the risk is reduced through a single outsourced relationship. This partnership allows a wealth management firm to leverage the provider s investment in policies, procedures and personnel devoted to ERM. A firm should explore the potential outsourcer s ERM governance, which should include extensive programs around disaster recovery and business continuity, information security, and third-party vendor management practices. So what role does technology play in ERM A New Role for Technology: Turning Disparate Data Points into Integrated Executive Information The wealth management industry is increasingly in need of better information and systemic risk management technology. The industry would greatly benefit from consolidated information to better enable business risk evaluation. Today, many firms operate on multiple legacy systems with different data sources and little integration between them; lack of integration presents very clear risks. Increased client needs, regulation, cost pressure, and new digital and mobile channels have put great demands on businesses to adapt quickly and cheaply. However, this bolted on infrastructure is catching up with the industry; eventually a breakdown most likely will occur. Risk management is a core example of an area dangerously exposed in a legacy system infrastructure. To avoid a breakdown, we believe the wealth management industry must embrace a more systemic approach to risk management. Firms will have to ensure that they can effectively collate and manage their data. As a first step, this will require relationshipbased data and a single, unified platform. A single platform provides an experience consistent across all levels of management and better, more accurate reporting. When information is housed in a single location, firms can better report on and analyze business trends throughout the organization. This is not purely nice to have. For varying interrelated reasons, regulators, shareholders, employees and clients are demanding it. Regulators, for example, will increasingly expect management teams to prove they are fully aware of their total exposure. A single platform leads to better management information. On a unified platform, CEOs, COOs, Risk and Compliance Officers, Chief Investment Officers, etc., can access real-time insights into how their business is operating and how exposed it might be. Firms can greatly improve their risk management measures by incorporating automated audit trails and embedded administrative and investment compliance reviews. Now more than ever, organizations need to have a comprehensive and coordinated governance, risk and compliance management approach. Technology can play an important role in enabling change and in finding the right balance among risk, cost and value across the enterprise. Paul van Kessel, Global IT Risk and Assurance Leader, Ernst & Young 1 1 Turning risk into results: How leading companies use risk management to fuel better performance, Ernst & Young, February 13, 2012.
3 How Business Model Reinvention Benefits Risk Management How Business Model Reinvention Benefits Risk Management Firms need to transform their business models in order to increase profit, efficiency and ability to scale. Firms need to transform their business models in order to increase profit, efficiency and ability to scale. A LEGACY BUSINESS MODEL DECREASES EFFICIENCY Regulation, multiple legacy systems, data integrity and many other factors create risk and require increasing capital allocation. Manual Process Regulation FIRM Legacy System Regulation Manual Process Regulation Legacy System Data Integrity & Access BUSINESS MODEL TRANSFORMATION CREATES A COMPETITIVE ADVANTAGE Managing risk through a single, unified platform: Allows a firm to take advantage of the provider s enterprise risk management Leverages a single data architecture, which improves client relationships, regulatory compliance and management information Helps a firm meet strategic goals and generate long-term growth FIRM SINGLE + = UNIFIED PHILOSOPHY PROCESS PLATFORM PEOPLE CONTROL CONSISTENCY CLIENT EXPERIENCE PROFITABILITY TECHNOLOGY Management Information Client Relationships Regulatory Compliance SINGLE DATA ARCHITECTURE
4 Insight from Outside Wealth Management: A Look at the Security Industry To place these observations in context, we have chosen to focus briefly on an industry where risk assessment and risk management is at the core of its value proposition: the global security industry. A major factor in the security industry s growth was its capacity to leverage technology to process and integrate information. The future strength of this industry will rest in its capacity to use technology to assess and predict risk. The security industry evolved from very basic beginnings. At first, the source for risk management was solely human intelligence. Quite literally, the industry was built on interpreting whispers. To put the scale of information available in today s world into context we just have to look at the digital world. The amount of digital content available is now estimated to be growing at over 60% every year. To cope with this explosion of information, the security industry mastered the art of efficiently collecting and archiving information. Security firms used technology to warehouse information and experts then manually assessed risk. The industry s next step was to use sophisticated data management analytic software, which enabled firms to look at vast amounts of data in aggregate to identify patterns for its clients. Analyzing trends through The Benefit of Integrated Information: A Stronger Firm A single platform outsourcing solution can promote great benefits to risk management at both the enterprise and client levels. Leveraging strong governance policies and technology that connects the front, middle and back offices will generate much tighter management reporting at executive levels. It will also give advisors a greater understanding of their end investors and improve their ability to manage and strengthen client relationships. improved technology turned into forecasting risk and even containing it. The security industry is increasingly confident that their processes of reviewing information can allow them to spot potential outbreaks of irregularity. They are not just looking at patterns of money flows, but at much broader issues such as patterns of emotional behavior. The security industry s business model reinvention provides beneficial learnings for the wealth management sector. The key insight is that the security industry embraced the many sources of information from which to make its assessment. It recognized that the digital age presented a new dimension of information-based risk management that could enable it to efficiently consolidate data and present it in a single view. Finally, the fact that the security industry is now developing a capacity to assess behavior patterns in the context of risk may actually suggest a breakthrough for the financial services industry. Learning from the activities of the security industry could help the wealth management industry to not only better understand its clients attitudes toward risk but harness data and turn it into integrated information that directly helps leaders better manage their overall business. Clients increasingly expect real-time risk indicators tailored specifically to their own profiles and goals. Research at SEI has shown investors appetite for risk is different for each pool of money and set of goals. A simplified risk assessment misses the complexity of their personal wealth. In the future, firms risk management will account for these variances.
5 Their effectiveness will rely on securely integrating client information data with market data. 2 A unified platform provides rules-based activity that allows for internal monitoring and tracking and communicates risk at the account, client and enterprise firm levels all through one user experience. In the event of an issue or risk exposure, an integrated platform has embedded workflows and automated processes to support immediate and proactive communication. By integrating processes and systems into one solution, technology helps deliver true business model change. But what about cost Cost Pressure Versus Potential Value While improved risk management is a critical objective of wealth management firms, it comes with cost implications. Business leaders are naturally worried about a negative impact to the bottom line, strain on resources supporting risk management (both financial and human) and even the limitation this focus could put on the company s ability to innovate. But is there a way to turn these perceived barriers into opportunities As we ve discussed throughout this paper, improved enterprise risk activities can benefit multiple areas of a firm s business by creating sound corporate governance and better executive information and communication. Some research suggests that better data management and reporting can increase a firm s ability to meet strategic goals while reducing earnings volatility and ultimately lead to improved profitability. 3 A report from The Conference Board even cited a study that suggested financial institutions with integrated risk management programs performed better during the 2008 recession. 4 Research done by Ernst & Young found that companies with more mature risk management practices outperform their peers financially. They found these companies generated the highest growth in revenue, EBITDA and EBITDA/EV, giving them a clear competitive advantage. 5 FIGURE 1 COMPOUND ANNUAL GROWTH RATES * BY RISK MATURITY LEVEL Revenue EBITDA EBITDA/EV 4.1% 2.5% 2.1% 16.8% 8.3% 10.6% 9.5% 7.4% 20.3% Top 20% Middle 60% Bottom 20% While there are significant costs associated with implementing and maintaining risk management practices, a fair amount of research indicates that this additional expense can result in an uptick to long-term business growth. Wealth management firms should ask themselves: Are we taking a quick-fix approach to technology or are we investing in the long term with a true business model change *2011 YTD reported as of November 18, Coping Strategies: How the wealthy investor manages risk in a risky world, SEI Private Wealth Management, May 9, Harner, Michelle, Potential Cost and Value of ERM, The Conference Board, March Harner, Michelle, Barriers to Effective Risk Management, The Conference Board, Ernst & Young, Turning Risk into Results: How Leading Companies Use Risk Management to Fuel Better Performance, February 2012.
6 1 Freedom Valley Drive P.O. Box 1100 Oaks, PA seic.com/wealthplatform Looking to the Future of Wealth Management Managing risk is complex; true success in this area requires more than stopgap measures. Regulation will continue to increase and systemic risk awareness and mitigation will become more critical to business growth. Synthesizing information will become important as part of an overall business risk assessment, not just from a regulatory compliance perspective. Without a systemic business model change enabled by innovative technology, firms will struggle. With the right business model in place, firms have a unified, networked global opportunity. More and more industry participants are seeing the new dawn. The winners will be those that embrace the advances in single platform outsourcing solutions and information management technology. Taking inspiration from the security industry evolution would be a step in the right direction. Firms that evolve their business model will win by leveraging technology advances and growing their business. They will differentiate themselves and demonstrate value to the client in the service experience and professional expertise that brought them clients in the first place. For more information, seiwealthplatform@seic.com or call toll-free to speak with a team member. To learn more about the SEI Wealth Platform, please visit seic.com/wealthplatform SEI Executive Connections is a community for bank executives and industry experts, which provides business intelligence and opportunities to interact on banking topics and trends. Information provided by SEI Investments Company, through its subsidiaries and affiliates SEI (12/13)
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