Operational Resilience for Financial Services with Rich Cooper
22 May 2021
Rich Cooper, Global Head of Financial Service Go-To-Market at Fusion Risk Management, explains how Fusion helps clients understand and employ existing data to remain resilient in the face of unexpected change.
Hosted by Jeff Kavanaugh, VP and Head of the Infosys Knowledge Institute.
“I think the financial service world has changed the way it's operated in the last 18 months more materially than it probably did in the last 20, 30 years.”
“You see a hurricane coming, you can start preparing for that. There are things that you can anticipate and prepare for, but it takes the organization. It's not something that's just the risk manager's job or the IT department's job. It's about the firm. This is about HR departments, facilities departments, security departments, as well as traditional practices to make firms more resilient.”
- Rich Cooper
Rich, before joining Fusion, you founded two different companies. Could you tell us a bit about that?
Could you give us a working definition of operational resilience?
What is it that you do that takes something that people have to do and moves it to where they want to do it, or they're excited about the result from it?
Is it a platform? Can people plug into this platform?
In your mind, how were financial services prepared, or not prepared, for the global pandemic and what's been the fallout? Maybe the response.
Given that you are working with these household names, these financial institutions, what are the operational challenges that they're facing? Can you share those with us?
Can you give an example, a recent example, especially now, as people are coming out of the pandemic in certain countries, exactly how your service helps them address these challenges?
How often does your input data change? Is it refreshed continuously, is it periodic? Is it a mix?
So as you look backward, you've got the data, you're running these simulations. We'll look forward then. What do you do with it? How do you connect to the execution? The “doing something about that” simulation and operationalizing it.
How do you keep track and identify [the various risks of] a business? And then how do you communicate to [clients] on the risk register or the governance? How do you keep track of all these and how do you communicate the results?
How does operational resilience and Fusion’s work play into the ESG imperative that many financial institutions are now taking lead roles in?
Looking forward, what's your vision for operation and resilience in financial services?
Rich shares resource suggestions and how to reach him.