Managing risk is of utmost importance for Financial Institutions (FIs). Risk as a Service (RaaS) in financial services is cloud-based risk management solutions designed to help banks, credit unions, non-banking financial companies and fund management firms.
Unable to create and manage complete in-house solutions, quite a few financial services institutions today are using RaaS offerings, whether Cloud solutions or for complete business process outsourcing. FIs are using RaaS on a subscription basis to handle their risk management, internal audit, change management and risk reporting.
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