Vendors of risk management engines for the financial services industry are slowly beginning to address the reporting needs of their client base, says a new report from Meridien Research.
The report, "Risk Reporting Technologies: The Weakest Link - As Always" points out that the banking industry in particular, because of the strict regulatory environments in which it operates, has specific reporting requirements that must be met on a daily basis.
Results of the study show risk vendors to be improving their reporting capabilities by eliminating manual steps, allowing greater access to data, and designing external infrastructures specifically geared towards incorporating risk information into the workflows at financial institutions.
Peter Keppler, analyst at Meridien Research, says: "Currently, the majority of the most flexible reporting processes have many steps that require either human intervention or scripting. These steps should be eliminated or at least become transparent to users through the use of XML and related technologies."