“Risk as a service” helps foster a mindset of innovation
In a previous blog post, I wrote about the mindset of innovation which is so important to the work we do at the ABN AMRO Innovation Centre. It involves making decisions based on facts, not assumptions. That starts with adopting a new methodology which is all about experimentation, learning and working as part of multidisciplinary teams applying the principles of design thinking, lean startup and agile. We’ve now joined forces with many other ABN AMRO departments and external partners to promote innovation.
In this post, I’d like to elaborate on one of these collaborations. A year ago, we jointly launched an innovation pathway with the Risk Management Department to see how we could process our clients’ loan applications better and faster in the short term. In the longer term, we’re hoping to determine what options are open to the bank to provide “risk as a service” (RAAS), making its risk management models and processes commercially available as a new service.