Agility is key for being future-ready
Agile operating models have emerged as a game-changer for risk and compliance functions in organizations. These models, traditionally associated with software development, are now being applied to various business areas, including risk management and compliance. With their emphasis on flexibility, adaptability, and collaboration, agile operating models enable risk and compliance teams to respond swiftly and effectively to the evolving regulatory landscape and emerging risks.
One of the key benefits of an agile operating model for risk and compliance functions is enhanced responsiveness. By breaking down work into smaller, manageable tasks or “sprints,” teams can quickly address compliance issues or regulatory changes, reducing the time and effort required for implementation. This iterative approach allows for continuous improvement and learning, ensuring that risk and compliance strategies remain up-to-date and effective.
When businesses bring together individuals from different departments, such as legal, IT, and operations, organizations can leverage diverse expertise and perspectives to develop comprehensive risk and compliance solutions. This collaborative approach also promotes transparency and communication, enabling teams to identify and address potential risks more proactively.
Loquat, an innovative financial technology company, developed and operates a proprietary banking as a service platform designed with the small business customer in mind by a world-class team of former banking executives, fraud specialists, technology and digital transformation experts, and business owners. The end-to-end-platform allows credit unions and community banks to improve or launch a streamlined digital banking functionality aimed at serving small and medium-sized businesses (SMB) from new account onboarding through delivering lending options, while preventing fraud without sacrificing on the user experience.
To learn more about Loquat, visit: www.loquatinc.io