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Fiserv helps FIs manage strategic risk with data-driven decision making

Source: Fiserv

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is enabling financial institutions to leverage data to gain forward-looking insights into business operations and manage governance and operational risk.

Fiserv is focused on the integration of systems of record with analytic modeling tools, allowing financial institutions to combine previously siloed data from across the enterprise into an actionable, strategic decision management platform. The company’s two most recent partnerships in this area, with Strategic Risk Associates (SRA), a risk and performance technology solution and risk consulting services leader, and Moody’s Analytics, a provider of industry-leading financial intelligence and analytical tools to help business leaders make better, faster decisions, are expanding its existing data-driven offerings.

“The secret sauce of an effective decision management platform is transforming good data into information. This requires integrating systems of record like core platforms and payment systems with analytical modeling capabilities, then making that information easily accessible to financial institution decision makers,” said Danny Baker, Vice President of Market Strategy at Fiserv. “We’re doing the heavy lifting for our clients by partnering with providers like SRA and Moody’s Analytics to ensure the reliable, real-time source data from Fiserv core platforms, financial accounting solutions, and payments and channels solutions is available seamlessly within a strategic risk management platform and dashboarding toolkit.”

The Fiserv approach combines best in class offerings in financial planning and analysis (FP&A), profitability, and risk management, leveraging the Prologue™ Financial Accounting suite from Fiserv as the cornerstone. Through an existing partnership with Syntellis for FP&A and profitability, and now SRA and Moody’s Analytics for governance and enterprise risk management, Fiserv is developing integrations and connections that enable clients to move from simple measurement of enterprise performance to predictive analysis that empowers financial institution decision makers.

Importantly, these partnerships significantly simplify the ability of financial institutions to leverage secure, accurate and timely data from their systems of record.

The integration of the SRA Watchtower Integrated Risk Management Platform into the Fiserv portfolio of banking solutions will provide Fiserv clients with real-time actionable risk intelligence through an advanced software-as-a-service (SaaS) solution.
The biggest enabler of making good data effective and efficient is the integration from a system of record to analytic modeling, further linked to an enterprise strategic decision-making platform. Watchtower simplifies the entire process, measuring performance against a financial institution's stated risk appetite and strategic goals, while aggregating key performance indicators (KPIs) and key risk indicators (KRIs) to implement best-in-class strategies.

“Financial Institutions need to make accelerated, informed, and sound decisions,” said Michael B. Glotz, Co-Founder and CEO of Strategic Risk Associates. “Together with Fiserv we will enhance our risk solutions and data analytics to optimize the decision-making processes for our mutual clients. Our goal is to offer a cutting-edge digital risk office to help financial institutions meet their risk management, growth and profitability objectives.”

The Fiserv collaboration with Moody’s Analytics builds on the risk management backgrounds and expertise of both companies. Fiserv clients may license Moody’s Analytics’ powerful OnlineALM solution that integrates traditional forecasting and interest rate risk with liquidity risk management, funds transfer pricing, investment management, and business reporting. Financial institutions can also layer on economic scenarios to gain insights into several possible futures. A SaaS deployment model will allow financial institutions to streamline operations as it does not require any infrastructure investment or maintenance.

“Economic uncertainty is the key reason most financial institutions stress test their balance sheets and income statements, to see if they can survive financial crisis,” said Ed Young, Senior Director at Moody’s Analytics. “Full transparency and advanced modeling techniques deliver key metrics for financial institutions to make better business decisions faster, which is the hallmark of our set of data, analytics and unique insights solutions.”

“Ultimately, these partnerships expand the decision management capabilities Fiserv delivers to financial institutions,” said Tracey Brown, Senior Vice President of Decision Management Solutions at Fiserv. “This allows them to maximize the value of data and analytics technology, maintain operational resiliency and grow.”

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