EUCs, especially spreadsheets, have been used extensively in modeling and other areas for many years in Banks. Extensive homeworking has led to an even greater increase in their use. The lack of controls in these applications, compared to IT-managed applications, exposes an institution to a range of operational, reputational, and regulatory risks.
In response to COVID, risk and compliance teams are stepping up their efforts to integrate the management of their corporate-IT and EUC applications, especially around MRM. Their goal is to maintain the flexibility that EUCs bring while still delivering transparency to stakeholders and management.
The panel wrapped up discussions with how Mitratech was helping customers enhance their resilience during the pandemic. The key areas were policy management, vendor risk management, and model risk management. These were all very dynamic areas where the assessment and review cycle had been dramatically reduced, as the commercial, HR, and legal situation changed to reflect changes in the pandemic’s impact. The automation these solutions delivered were proving to be a game-changer for many.