Using Business Intelligence Tools to Automate Operational Risk Management

bank bldgWe’ve admittedly bitten off a large chunk of subject matter with this blog topic. We believe that business intelligence (BI) tools would be a component (and potentially a large component) of automating operational risk management. We are realists though and understand that business intelligence tools like TIBCO Spotfire would more often than not be part of a heterogeneous stack of tools that work together to automate operational risk management. It’s one of the reasons we’ve designed and delivered Spotfire to play nice with other CRM, systems management, data warehouses, email systems and other customer facing software.

A recent article on RiskCenter (free subscription required), got us to thinking that we should likely be talking more about using Spotfire to automate 0perational risk management. The author points out some very customer facing failures in the piece and suggest five areas that customers could use in judging the quality of service delivered by an organization. These include:

  1. Reliability
  2. Responsiveness
  3. Assurance
  4. Tangible
  5. Empathy

An interesting list. And very much on the “touchy-feely” side of the customer experience. We’d like to suggest here, to generate discussion, five compatible areas where Spotfire could be used to address quality of service and automate operational risk management:

  • Proven Commodity – Automating operational risk management is a huge endeavor. There will inevitably be a number of vendors reviewed. The question will become how reliable is this vendor.
  • Event triggers – Spotfire Automation Services are event based Web services that are designed to deliver information quicker, increasing responsiveness
  • Customers, customers, customers. Picture us channeling our inner Steve Balmer with his famous developers rant. Spotfire has some of the biggest and best customers. If you need assurance that Spotfire can do what we say, check it out here.
  • Users in the Financial Services space can use Spotfire’s Solutions for Financial Analytics to deliver tangible results: to reduce operational costs, improve organizational scalability,  and improve security.
  • We’ve invested a lot in Spotfire. We take direct feedback from our customers and prospects and build it into Spotfire. We spend the time to empathize with our customers, partners, and prospects to ensure that Spotfire provides the best customer experience that we can provide.

Bill Peterson
Spotfire Blogging Team