12/15/2023 0 Comments Origami risk tableauAnd once you clear the hurdles of getting the data in one common place, there’s another challenge: sorting out what exactly you can do with that data. The integration of data can be a challenge in and of itself, including but not limited to formatting, consistency and security around the data-and that’s on top of the associated privacy implications. Expediting alert management and response time from hours or days to minutes.Creation of a comprehensive view of all risks related to a customer or transaction, resulting in better inputs for leadership decision making.Streamlined operations and reduced overlap between functions to drive efficiencies.Reductions in false positives and improvements in the accuracy of fraud and financial crime identification.Integrating alerts across the various “risk stripes” can help realize the following benefits: You gotta keep ‘em integrated The main collaboration and orchestration platform to integrate security functions effectively is a common case/alert management system that can unify the relevant data (including customer and transaction data, alerts, logs, links between parties, etc.). However, unless the data is integrated in near-real-time, the teams will continue to overlap, creating inefficiencies, which has the further tendency to allow them to fall back into their silos. They have already established various processes and procedures but, in an attempt to create more harmony, common practice has included a combination of procedural hand-offs between teams and playbooks to help integrate processes. But it’s a critical challenge to address because data sharing is the very means by which teams are enabled to seamlessly collaborate on threat detection and response.Īt many financial institutions, a sector in which we both specialize, different risk teams have been operating in silos. ![]() Again and again, it’s clear that one of their biggest challenges is data sharing. ![]() In this post, we want to take a closer look at the technology behind fusion centers, specifically those elements that enable what’s known as an “integrated risk alert platform,” which underlies the “fusion” in “fusion centre.”īy virtue of our jobs as partners in the risk consulting practice at KPMG, we see different scenarios in which organizations of all kinds are navigating fusion centres almost every day. As discussed previously, the idea of a fusion centre is to help break down the silos in which risk teams such as fraud and cyber were previously working independently, allowing them to come together to deal with intersecting threats.
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