I’m not sure there is any other telecoms industry sector quite as collaborative as that involved in financial risk management.
I am speaking here of the revenue assurance and fraud management teams that not only have to work closely with all departments internally but also rely heavily on outside intelligence.
They are not marketers or sales people yet their efforts and teamwork add millions upon millions of dollars to corporate bottom lines each year. These unsung heroes have respect for each other that transcends all competitive barriers and can be best illustrated when they get together for any gathering set up for them anywhere in the world.
There is no better place to see this camaraderie in action than WeDo Technologies’ annual User Group event held this year in Lisbon. WeDo Technologies does not discriminate between customers and non-customers and seems at peace ‘opening the kimono’ to others that want to come along.
Non-customers mix freely with customers who, by their openness and satisfaction with the company, unconsciously seem to do the selling for them. It takes a lot of courage for any vendor to do that.
Let me hark back to the point that anyone involved in risk derives much benefit from sharing experiences that may save their competitors large sums of money because one day, they may be the beneficiary themselves.
System leakages are predominantly caused by human error. Machines, if set up correctly rarely have human-type lapses. Fraudsters, on the other hand set out to benefit from any weakness they can find in a CSP’s infrastructure and if that weakness is discovered and closed off they will almost certainly move to the next victim.
At this year’s event, WeDo Technologies introduced a new concept to this collaboration community by holding a ‘member challenge’ where risk managers outlined a problem they were having and their counterparts were challenged with providing recommendations or opinions based on their own experience. Even admitting to a problem would be sacrosanct to most others, but not with these people.
This brilliant format was not only well received but it helped many walk away with solutions they could never have imagined on their own. Most have intimated they will go back to their teams and try the same methodology in-house. Yet another positive from a community that relies on ongoing collaboration for its success.