OCTOBER 20238 IN MYV EWCLOUD-BASED ANALYTICS AND BUSINESS INTELLIGENCE FOR RISK AND FINANCE ADVANCEMENT From the 2007 financial crisis, it was concluded that bank information systems and data architecture were inadequate to support prompt decisions on the management of financial risks. Since then, a lot has changed in terms of technology advancement, but also data requirements from regulators, clients, and internal users have amplified. To enable an efficient data-based decision-making process on the verge of a new financial crisis, it is even more important to ensure an adequate data infrastructure.In my writing, I focus on the way how cloud-based Analytics and Business Intelligence (ABI) platforms could be used to enable a better internal decision-making process. It will not be focused on the platform available on the market, but more on the principles for choosing one and sharing my experience. ABI platforms could be defined as software that can act as an operating system capable to process complex and sizable data from diverse sources whose outcome can be shared easily across the entire organization by providing actionable data insights enabling proper, ahead-of-the-curve making decisions. Why is it important to consider a cloud-based ABI platform? There are a few reasons for that- 1) data is everywhere, but more convoluted and sizable so it requires computing capacity to be processed adequately, 2) a systematic approach to decision-making would allow all relevant stakeholders to use a `single-source-of-truth' environment, 3) timely and hassle-free decision-making process would enhance business-continuity, 4) focus on the outcome of data usage and decision, instead of data itself. In our work, Banking Risk management, we deal with many different stakeholders ­ regulators, internal and external partners and as such it is required to use most aggregated to a very granular type of data, based on which we take decisions or advice decision-makers. At the same time, data increases its size and complexity which is time-consuming to clean, structure, process, and transmit into a useful business decision-making outcome. Moreover, the time to react to specific events or proactively take action on data becomes shorter and shorter. To overcome these challenges, we looked for a cloud-based ABI which would enable the following- · Accessibility. It is critical to have access from everywhere and all business type of devices based on pre-defined user and access rights to respective users i.e., the way how information is shared and promoted.· Sharable. To make our findings and analysis accessible to others, we need a solution that will allow sharing with our existing communication solutions or a solution that has its own communication platform. · Integrability. It must be easy that the platform can be integrated into the existing or future, targeted data, and communication environment. · Scalability. A platform that enables constant Dimitar DilovBY DIMITAR DILOV, CHIEF RISK OFFICER, MEMBER OF THE MANAGEMENT BOARD, RAIFFEISEN BANK INTERNATIONAL AG [VIE: RBI]
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