Welcome to SunGard Financial Systems
SunGard Financial Systems provides mission-critical software and technology services to institutions in virtually every segment of the financial services industry. These solutions meet a multitude of needs but support a common aim: to help drive our customers' unique business strategies – whether that means increasing efficiency, improving customer service, complying with regulations or capturing growth opportunities through innovation.
Every business has potential risks that could mean the downfall of a business if something is not made right and in a timely manner. This is why enterprise risk management has to be taken very seriously. So what is enterprise risk management? It basically entails planning, organizational process, leading as well as controlling company’s activities with an aim of minimizing the impacts of risk on the capital and earnings of the firm. ERM extends the process to incorporate not only risks related to accidental losses but also strategic, financial, operational and many other areas where the risk is possible. ERM can thus significantly help in activities associated to financial risk management.
The modern world of business is characterized by heightened risk occurrence. This explains why firms are considering it necessary to implement enterprise risk management system to ensure a holistic safety of the organization. An effective risk management system can considerably assist companies manage their risks and even maximize opportunities. Firms from different sectors have widely benefited from the numerous advantages of the risk management systems available in the market today. While there are just so many benefits of risk management programs, here are some of them.
- Development of a more risk oriented culture
Firms that have taken the initiative to implement ERM argue that the rising focus on risk at the top levels leads to more risk discussion in all levels of the organization. The cultural shift makes it possible for risk to be considered in a friendlier manner and facilitates breakdown of silos regarding management of risk. This, in turn, allows members of the organization to manage risk effectively in their respective company roles. When every member of the organization is involved in managing risk, better insights are accomplished as far as decision making at different levels of the organization is concerned.
- Risk reporting is standardized
Enterprise risk management allows a better structure, enhanced reporting as well as the analysis of risks. The presence of standardized reports, which track company risks, usually improves directors and executives’ attention through the provision of data which facilitates better risk mitigation decisions.
Enterprise risk management system helps in getting rid of redundant processes, which in turn enhance the efficiency of the company as far as resource allocation is concerned. ERM helps in identifying the type and amount of resources needed to mitigate risk effectively in the organization. Moreover, there will be enough coordination between the concerned members of the organization and thus ensuring proper use of organizational resources in managing risk. With the right ERM program, strategic,
operational and financial risk management shouldn't be an issue.
This is an age full of mistrust and bitter relationships between potential clients and current financial institutions. With the bailout of key financial institutions, many people find it difficult to instill their trust in the banks’ ethics. Also, the possible failure of institutions that seemed unquestionably permanent is leading more and more people not to trust the traditional financial institutions with their own money. Why should a customer feel safe and trust their savings and income to an institution that seems unable to manage even their own risks? In light of this, it is extremely crucial for banks to have an ongoing security risk assessment program, and to corporate with a compliance audit when necessary.
A security risk assessment program followed by a compliance audit is extremely necessary tool in today’s climate. If a banking institution is truly open about doing such things, and doing it frequently, it will help comfort the public that this is an institution that is cautious, careful, and future thinking. It is also a comfort to know they are willing to be self-critical before any regulations get rolled out as the mistrust towards the government’s ability to regulate future problems properly in a timely manner has been shattered. Most people feel like the government does not acknowledge a problem until it is far too late, and then will act far too slowly to prevent any damage being down to the public and to individual customers.
The bank’s themselves also benefit from a solid
security risk assessment program. Many employees of these institutions felt that their jobs would essentially never be threatened as these businesses had lasted for decades or longer, and were the backbone of the entire economic system. It seemed absurd to think that these banks could fail or even be at risk to fail. With this confidence shaken, even the employees higher up in the ladder no longer felt secure. These sorts of steps and programs not only help the public as a whole by providing a healthy, solid financial background, but help assure that the banking system’s thousands of employees have solid, steady careers. This is one of the reasons many people go into banking – it has always been viewed as a solid, dependable career that would weather any political or economic turmoil.
With this standard in place, it is possible for the banking system to not only rebuild the trust of the public, but also to assure a long lasting and healthy opportunity for employment for thousands of talented people.
