Nowadays every organization and business needs a risk management strategy if it wants to succeed. Every country is looking for experts in this area in order to improve their methods and strategies. For example, Korea is now getting introduced to this methodology. Are you interested in Financial Risk? Do you want to know more about this topic? Then, do not miss our next article.
What is exactly Risk Management?
Financial Risk Management is on of the many risks that can affect a business. There are many sources of this issue, such as customers or interest rates. However, with the help of technology, organization are now able to deal with this kind of risk and overcome it. Firstly, they have to do it develop strategies that allow them to identify their strengths and weaknesses. On top of that, they should also identify new opportunities for the organization, as well as the threats that ay come up.
After a business has identified all the problems or future issues, they should decide where to focus first. Ideally, organization will solve their current issue first, and later continue by predicting the future problems they might have to deal with in the future. The specific strategies they can use range from internal strategies to risk-sharing strategies. It all depends on the kind of financial risk they have to manage.
Risk Management in Korea
As we have already said, South Korea is getting introduced to financial risk management. This is happening thanks to Refinitv, a financial data company owned by Blackstone Group and Thomson Reuters. They decided to introduce risk management to the business in South Korea during the year 2019. Their main goal? Achieve financial risk control and crime prevention. This company was previously the financial and risk business division of Thomson Reuters. But it became Refinitv when the Blackstone Group bought a 55% of the business. That way, Refinitv became and independent company.
The company explained how important was their business agenda for Korea. They especially highlighted their risk intelligence database and due diligence services. The Representative Director of the group, Kim Suk-joon talked about this during a press conference. He said that it is extremely important to consider regulation and compliance for developed markets worldwide. This is because organizations want to operate legally worldwide, without dealing with hurdles or sanctions.
Increasing Risk Management concerns
As it is happening everywhere else in the world, Korea will also face increasing risk management concerns. This will happen in many financial institutions and businesses. According to Refinitv, their World-Check database will be key to solve this issue. This database offers information about politically exposed persons and heightened-risk individuals and businesses. The objective is to identify and manage financial, regulatory and reputational risks.
These kind of services will help Korea’s banks and financial institution to know their clients better. In that sense, they will be better prepared for regulatory risks. And even more now that US is demanding stricter anti-money laundering protocols and compliance from Korea.
Risk Management and Technology
The company Refinitv also wants to become a reliable data partner for Korean companies. This is because they are looking to develop new artificial intelligence programs and other digital products in relation to the finance sector.The organization wants to make companies more accessible for clients. Asset data, economic indicator and research will make this possible. For this purpose, they have partnered with other companies such as IBM or Koscom.
Refinitv currently provides financial market data and infrastructure for over 40,000 institutions in over 190 countries. And their services have to do with trading, investment, wealth management, enterprise risk o financial crime. If they continue growing, their success will be assured.
Financial Risk Management studies
Do you want to work in something related to risk management? If you want to become a professional with a deep and comprehensive understanding of this area, we have got what you need. The Master in Financial Risk Management from the University of Alcalá. This Master meets the raising demand for professionals with efficient ways to anticipate, measure and mitigate financial risks. Do you want to become one of them and have a successful career in business? Then, join us today and start to build the new ‘you’!
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