MYRIAD – Forever evolving
Michael Hill, global head of sales at MYRIAD Group Technologies, explains that with rising product sophistication, an increase in regulatory requirements and the risk from overseeing more markets, the network management function has become much more prominent
The entire banking industry continues to change. Network Managers are now tasked with doing more, and frequently with limited resources. Technology investment has generally not kept pace with the increasing remit and scope of the Network Managers role. As such, Network Management is at a crossroads: either invest in dedicated technology which is fit for purpose and which would position them for long-term sustainable growth; or continue to operate with current levels of staffing and the legacy systems and manual processes which are already in place.
Network Management as a function evolved from providing pure oversight and visibility of the Financial Institution’s network to a function that now involves a host of different disciplines and skills including governance, risk management and compliance.
With rising product sophistication, an increase in regulatory requirements coupled with the additional risk that comes with overseeing more markets and relationships, the Network Management function has become much more prominent. Consequently, its interaction with the wider Bank community has increased substantially.
With the increasing legislation globally designed to reinforce standards of asset safety and investor protection, the responsibilities borne by Network Management groups have become more important than ever before. The capacity of the Network Management team to discharge its duties effectively is fundamental. If that capacity is enhanced by effective partnering with all the Bank’s operational departments, as well as the provider itself, then risk diminishes, workload decreases and the value chain become more transparent and efficient. With a central technology platform to bring these parties together, partnerships are enabled and progressively strengthened; and the Network Management function will become streamlined and much more effectively supported.
Network Management teams rely on manual processes and legacy systems to support their day-to-day business. They are being required to take on an expanding range of duties, but with little corresponding increase in resource allocation and/or IT investment. This lack of automation can severely impair the ability of the Network Management team to access vital information quickly and to initiate appropriate responses. New technology is part of the solution.
Banks are investing in integrated platforms that are dedicated to promoting the efficiency, transparency and automation of Network Management functions specifically within Financial Institutions. These solutions enable Banks and Financial Institutions to streamline their manual, and often fragmented procedures, and set in place one consolidated, automated system that enhances risk monitoring and allows key data to be accessed near to real-time.
Using a third-party solution can be an efficient and cost-effective way for Network Management teams to mitigate risk, enhance transparency, standardise their processes, reduce costs and work on a platform on which to build for the future.
Realistically, there is only one option available to Network Managers that will offer a sustainable long-term solution; a proven, off-the-shelf platform from a third-party vendor… MYRIAD.