The global banking and the broader financial services industry leaves the last decade on a much more solid footing than it left the previous decade. Then, the financial crisis had wreaked its chaos but now, as Deloitte notes, “The global banking system is not only bigger and more profitable but also more resilient than at any time in the last 10 years.”
Yet, the foundational requirements to raise service levels, improve risk management and meet regulatory requirements remain, and provide an on-going and significant challenge to financial services providers.
This paper discusses the challenges arising from maintaining the infrastructure (buildings and data centres), i.e. the control of work and of those performing the work, in support of those foundational requirements and in addressing the trade-offs arising. It discusses the benefits already seen by many in the financial services sector of replacing traditional paper-based processes, such as permit-to-work, with more robust electronic, web-based and mobile alternatives, such as e-permits. It covers:
The Impact of Safety on Reputational Risk
Reputational damage will be particularly severe where the solution that would have prevented the situation arising is shown to be one that is simple, proven, easy to implement and cost neutral.
Safety Digitally Using e-permits
e-permits is a web-based, mobile-enabled work authorisation and permit to work system. It was designed to emulate the positive ‘design’ aspects of existing PTW processes while eliminating the operational issues of paper. Indeed the initial impetus behind the development of e-permits was a project that was too big to handle using paper - Canary Wharf in London.
Benefits of Deploying e-permits in Financial Services
Read real life examples of deploying e-permits in the financial services sector.