Signavio: Mitigating Risks and Compliance Challenges in Financial Institutions

Dr. Gero Decker, CEO, SignavioDr. Gero Decker, CEO
The recent rise of compliance and risk management tools for the financial sector can be attributed to the surging growth of digital businesses. According to a recent research by Gartner, online mobile transaction market will be worth $721 billion with more than 450 million users by 2017. The multitudinous online “One click” transactions in the banking sector have become the incursion point for risk invasions in their operational and IT spheres. As a result, CIOs of many financial corporations are pressed to choose and implement innovative technologies, alongside elucidating novel risks that accompany their use. The financial institutions are under pressure to bridge the gap between IT and business risk. Working to close this gap is Berlinbased software vendor, Signavio, which offers web-based business process and business decision management integrated solutions to mitigate compliance risks. “We have observed multiple risk compliance challenges that can cause an entire organization breakdown due to failed processes, and our solution addresses these impediments,” says Dr. Gero Decker, CEO, Signavio.

Signavio’s flagship product, Signavio Decision Manager (SDM), a web-based integrated solution is designed with the capability to combine business process analysis and decision management. “Signavio Decision Manager addresses the eight risks faced by financial institutions— time pressure, complexities, transparency, incompatibility to new compliance regulations, regulatory changes, agility, consistency across the enterprise, and data quality,” confides Dr. Decker. However, the most common hindrance suffered by many financial institutions is the paucity of time while adhering to the most recent regulatory enforcements and changes. “Our solutions enable banks to quickly adapt to the rampant changes in processes and risk patterns,” says Dr. Decker.Financial organizations approach Signavio seeking solutions for operational efficiency or risk management and compliance.

“We increase compliance and reduce risks by analyzing business decisions using the Decision Model and Notation (DMN) and enable end-to-end governance for these decisions,” beams Dr. Decker.The SDM supports business operational decisions, allowing a financial organization to map out decisionmaking structures to make their business successful.Further, the SDM helps understand facts, inputs, and the decisions based on the regulatory requirements for internal policies that constrain in decision-making. “The Decision Manager empowers the financial organizations to take forward their decision management process to the optimal level and identify, catalog, model improving those decisions, and have full control of end-to-end decision management,” says Dr. Decker.

Additionally, the company’s Signavio Process Editor helps with the implementation of compliance and risk management, consistently. The Process Editor helps organizations with intuitive process modeling, collaborative process design, and easy integration with other IT-systems. “The interesting thing about the Process Editor is that it provides users with the opportunity to identify and locate risks within their business context and manage compliance requirements at the same time,” adds Dr. Decker. Effektif, another product of Signavio, helps establish effective workflow, empowering organizations to manage deadlines and enhance IT support for the work process.

We have observed multiple risk compliance challenges that can cause an entire organization breakdown due to failed processes, and our solution addresses these impediments

In one instance, a bank approached Signavio, to install DM to increase their automation and reduce manual work. The bank realized tremendous improvements with substantial decrease in their manual work besides enhancing their risk management. “At Signavio, we listen to our customers’ requirements, and constantly improve products based on their feedbacks,” adds Dr. Decker. Moving forward, the company intends to continue market growth and expand their customer base further in Europe, U.S., and Asia.