Financial institutions face rising risks
Open finance has fundamentally reshaped financial services and introduced new risks.
Financial institutions face growing issues
liability
Financial institutions need a risk management network
Financial institutions face rising demand for third-party connections, driving higher operational overhead and increasing third-party risk. In absence of robust yet proportional third-party risk management programs, opportunities are missed, anomalies go undetected, objective evidence is missing, and responses to breaches and cybercrime are delayed.
Many institutions are completely blind to the level of risk they absorb, as they do not have visibility on where exactly their customers’ data is going. Furthermore, without a mechanism for offsetting liability, financial institutions bear full responsibility for consumer harm – heightening both financial exposure and reputational damage.
Invela delivers risk managment and scalable operational efficiency and resilience
Faster onboarding, reduced costs
Faster onboarding of trusted intermediaries and third-party providers via a single, standardized accreditation, optimized for open finance, frees up resource and avoids incremental hires.
Service acceleration
Via access to network of accredited intermediaries and third-party providers.
Improved risk detection
Near real-time risk monitoring detects anomalies and sends alerts when selected risk appetite thresholds are breached.
Reduced exposure to data breaches and cybercrime
Via alerts plus supporting insights which provide objective evidence required for financial institutions to restrict account access, and to re-instate access once issues are resolved.
Enhanced liability protection
Through objective, auditable accreditation and risk indicator scoring – plus, in due course, insurance-backed warranty should harm occur.
See Open Finance Risk Management in action
